That 11.60 translates to an 18 second (@ 86 mph) quarter-mile et, and you should be running a 15-something, so yes, you should be 'seriously disappointed'.
Just some random thoughts:
You didn't say if the GT is an AOD or a T-5 but either way, your launch and shifting could be part of the problem, especially if it's a 5-speed.
If you have the automatic, you could have a slipping tranny; if a T-5. you could have shifted too soon or have a slipping clutch.
I would consider a complete tune-up and bump that initial timing to 14 while you're at it.
[This message has been edited by Mr 5 0 (edited 07-23-2001).]
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