Jeff is correct, the only heads allowed are any Ford Iron In-line production head, stock late model 302, early 302, 289, 351W. The only other heads allowed are GT-40, and the GT40P. That's it, no other aftermarket heads. They cannot be ported, only matched 1" from the gasket surface, they can be milled for compression though. I asked George a bunch of questions when I started my build-up.
Also, as Jeff stated and as George told me, as long as the stock mounting points are maintained it is OK. This means you can change springs, shocks, struts, control arms, etc.
Again, it is best to talk to George about all of your specific parts, this is what I did to make sure everything I have is legal. I asked even if I was 99.99% sure it was OK. You don't want to get to the track and be disallowed for something you assumed was OK.
As for times, I believe the best to be in the 12.30's so mid 12's should make you very competitive.
You'll have to get through me too to become champion, well not this year
Good luck with the build-up, I would like to see this class become very popular, more so than it is now.
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Frank Peterson
94 Cobra T/S #38