There are lots of ways to add some excitement, with varying degrees of cost and trouble. If you happen to need new exhaust already, you could add long-tube headers. They hang a little low, make some repairs harder, but I remember that they made a noticeable change to my cougar way back in the 70's when I did that and got dual exhaust. A pain in the rump to install as a teenager. Another thing that I did that was noticeable was to install a new set of gears in the rear end. The "chunk" comes out pretty easily and it's always returnable if you keep the old one and want it back. I went from a 2. something to a 3.0 and it was a nice improvement without making the engine scream on the highway.
I rebuilt another 289 and put a mild cam "low end torque" and better pistons (from Sears, no less!) and the total change was better than the stock engine.
You could also check to see if something is amiss with your engine- maybe the vacuum advance is stuck, or the carb is not working too well. I pot a Holley 2-barrel on a 2 barrel carbed 67 galaxy and it was surprising how well it did. It was a california car, so the carb may have been tainted from that.
All in all, the cougars were respectable in their day, but not much of a match to even the cheesiest car made now. But they are still cool, so we have that going for us. Let us know if you try something.