Take a look at Jmeiers' setup. He's running 110mph with a stock engined Cobra putting down around 280rwhp, I believe.
I've seen quite a bit of stuff out there where stock engined Cobra's are pushing into the 11's at 110mph+. They weigh more than a GT off the floor by about 150-200lbs.
As far as 7.40's in the 1/8 computing to a mid 11, I'll have to agree with SaleenGTS. The 1/8 mile to 1/4 mile calculations don't usually take into account a hole shot in the 1.5sec 60ft category. If you followed an analyzer to get his 1/4 based on his 1/8, he should also be running near 112mph through the traps. It's just a general idea of what you would come out to, not a perfect calculation.
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