1998 mustang v6 vs 2001 v6

[USA HP]

1. His should be faster:
   1998: 150hp, 215 lb-ft
   2001: 190hp, 220 lb-ft
   
   40hp is quite a bit, so all else being equal (driving ability, tires, etc.) he'll beat you every time.
   
   
2. I can't answer this one for you (I haven't done any power-adders myself), but there are plenty of threads on these boards about it.
   
   
3. It depends on what you're up against. If your friend breaks his tires loose when he takes off and you don't, that's good for you. Maybe you wouldn't even if you had worse tires, but if you already have 'em, tell everyone they make you faster!

I hope this helps!