I personally know a guy who runs in the 11's with a 302 in a 66 coupe. It's not what you run, its how you run it.
I couldn't really tell you what the motor's got internally, he won't give that info up. Stock c4, 4:11's and slicks is about the extent of what I can actually tell.
Take some time, research the combo, and keep talking about it. Heck, with those gears, a built 351 should get you into high 10's if you do it right.

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1997 Mustang GT "The Freak" - 13.80 @ 101.70, 2.07 60'
1995 Honda VFR750 - not much @ really fast (actual data pending.)
1964.5 Mustang 289
Rice Haters Club Member #13