Actually, there are a few of us out here with turbos on our mustangs. Check out my car in the readers' rides section.
I recently removed the Incon Twin Turbo kit from my car and will be installing a larger single turbo from Turbo Technology. (I'm a dealer/installer for both companies)
I have also tuned quite a few turbocharged mustangs at my shop. Lag is a non-issue with a 5.0L engine that already has planty of low end torque. Tuning has become pretty easy for me, so most of the other turbo myths don't really apply once we're done with the installs. One ride in one of our turbo cars and you'll know why...
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Greg Banish
President,
Detroit Speedworks, Inc.
'93 LX Turbocharged Road Racer
'00 Bad-Ass F150