I would go with what Hammer said and look into a 96-98 Cobra.
The mods to get them in the 450-500Hp range, reliably, are very easy and well known know.
Intercooled SC, full exhaust, MAF, and some good fuel system mods with a conservative tune should give you all the power you'll need to run low 12's - high 11's.
Along with the above mods you would need to work the Cobra heads and intake or just get aftermarket stuff to make that kind of reliable power with the 5.0 Cobra. But don't get me wrong, it would still be pretty easy to throw an IC'ed SC on the 5.0 Cobra and go plenty fast.
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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
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