Mustangs wind out more on the top end quicker because they rev. to 7000rpm compared to 6500rpm. Dual over head cams breath better at the top. Its the only advantage the Mustang has. You should beat him on a 1/4 mile run providing you get the traction
. Our cars have more low end torque. I also assume the Mustang is modded. Your engine is putting out over 500 Net HP and probably about 520+ Gross hp, should whup him good if his is not modded.