I was at our local SCCA meet this last Sunday and was talking to my buddy Alan, the current ESP class champ. He runs a '98 Trans Am and last year some guy with a brand-spanking new Shelby Mustang made Alan his target for the year. At every meet Alan beat him soundly and it really upset the Shelby owner to no end. '98 Trans Am > '08 Shelby Mustang. Funny stuff.
Nobody brings mustangs to SCCA solo events and expects to win. They are simply not competitive, and haven't been since around 1995. Even in the classes that allow almost unlimited modifications, an equally modified f-body, (even some of the third gen ones!) will still beat the mustangs.
The mustangs just don't work well anywhere but a dragstrip and even there, they are handicapped by the smaller engine displacement in the factory engines.