The first thing you need to decide is whether you want it to corner well like a roadrace car, or to launch hard and maintain traction in a straight line like a drag car, because these two extremes are unfortunately not compatible.
I have seen a Foxbody notch with over 500ft-lbs torque run a 15 second 1/4 mile on drag radials because it was set up for handling with the Griggs GR40 suspension (although it did trap at almost 120mph).
As for your engine, as long as you don't get too extreme and go for all out top end power, Mustangs can make a lot of horses and still be very streetable, especially with a power adder.
|