I've got one. I seem to know a thing or three about them.
Mine is a 94 Cobra, with the solid axle replaced with an independant rear suspension. Other than that it is pretty close to stock until I can find the freaking time to finish the twin turbo setup (need to fabricate a few parts still, and fit everything up).
These mustangs (
www.rehagenracing.com ) are what take up most of my time to keep my car from getting done. Fwiw, we are shooting for the debut of our first 05 Mustang race car at Barber at the end of this month . . . there is a lot of work left to do though, so keep your fingers crossed