I haven't ran many mustangs, but a bolt-on '04 cobra was neck to neck and pulled hard on a newer 5.0. A stage 3 cheap set up too. You shouldn't have a problem with it I think.
I 'raced' the same generation Cobra with my stock GTI. I'm not sure of the mods as we ran on the highway from about 40MPH, but it sounded like he had a fair amount of performance mods (could feel his supercharger when he downshifted). Needless to say, he pulled so hard on me that it felt like I was standing still lol.