It's pretty easy to get over 300hp from a 1996-1998 4.6L GT. Swap on 99GT heads and cams, along with a Bullitt intake and you'll probably be knockin at the 300hp door.
That's mostly because the older 4.6L SOHC GT engines used different pistons, making for higher compression. I believe I've seen about 11:1 quoted.
I will in all likelyhood be getting rid of my Fox Body in the spring and getting a 99GT or newer. I hadn't even thought about considering a 96-98GT until the performance on the 99GT head/cam swap information started to float around. I would now consider them.
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