A TDC Turbo kit would go a long way in getting that GT running the times you want.
There is a guy on here and stangnet who runs the TDC 2XX kit and goes 10's on a bone stock motor. I think he goes by Turbo99 or Marc99GT or something like that. But of course he has other mods like built tranny, stand alone engine managment, fuel system, etc.
It won't be cheap to go low 11's or high 10's, but the recipe for running those times safely are pretty easy now (as compared to a few years ago with the 4.6L.)
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'97 T-bird LX 4.6L 2V, auto
SVO heads/intake, Vortech T-trim, front mounted intercooler, blower cams, Cobra crank, Manley H-beam rods, JE pistons, Aeromotive fuel system w/ 42# injectors, and much more
No times yet
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