I've owned 4, 69 Mach1, 70 Boss302 (I know, I'm an idiot for selling that one)
91 5.0/vortech, 04 cobra IRS. Always been a mustang fan, probably b/c my father was into them, they were easy cars to make fast at the track.
One thing that always bothered me, other then the 04, was that they didn't have IRS. If you had stiff shocks, springs and sway bars, sure you can make them handle good on a smooth track, but you were bounced and kicked all over the place on the street. The great thing about the Z is that it has the incredible handling with a ride that is actually somewhat comfortable. Yeah, my last stang handled as good as the Z, until you hit a bump mid corner, or any rough roads, it would unsettle real quick.
I do miss the torque of the stangs, but that's easily fixed with 3 words, super charge er
After that it will be almost perfect :-)
Another thing to consider, big power isn't always usable on the street, it's nice to brag about, but trying to get traction is another story.
Good example is the Super Snake (750hp) on street tires a (485hp GTR) smokes it 0-60mph and on the 1/4 mile. AWD has a lot to do with that.
Just imagine how a regular Cobra would fair.
370z's with bolt on's are running hi 12.8's in the 1/4 and 0-60 under 5 sec.
12.8009 @ 110.33
and there is plenty of forced induction options coming available, rear gears, etc. that will get you some torque back.
I won't kid you though, I do find myself looking at pics and watching video of the 2011 Cobra from time to time
like a said, always been a mustang fan. If it had IRS and was a little lighter, I would be all over it.