[blue00gt]

I just went for a drive this weekend in my '00 with a couple of friends who own imports. One is a '00 Integra Type R, the other is a '99 Vtec Prelude, both of which are several hundred pounds lighter than my car. Both have aftermarket springs, adjustable Tokicos, chassis bracing, and good tires. I smoked these guys on a super tight backroad with dozens of 20-25 mph corners. I'm talking after a few miles of hauling I slowed down for about 10 seconds after overheating my brakes before they were in sight in my rearview again. Of course these are front wheel drive cars I was up against, and I don't think much of front wheel drive for handling.
As for what handles better with the same money in mods, it depends on what level of mods you are talking. With mild mods an import will probably handle better because the Stang needs some help with handling stock. If you are talking extensive mods, a Mustang can do just as well as an import for the same money. Mustangs of varying levels of modification are very competitive in SCCA and Speedvision race events.