Pre-1994, it was all mustang over camaro/firebird. No contest, the mustang was a better performer. The LT-1 engine after 1994-1995 had an honest 285hp though, and from 1995 through the end of f-body production in 2002, there was simply no way any factory mustang could keep up with a factory camaro/firebird. The use of the LS-1 engine from 1998-2002, combined with some other modifications such as the more blunt front end which reduced body lift at high speed, was just icing on the cake. The LS-1 was conservatively rated at 305 hp, but most Z-28s would dyno bone-stock at over 295hp, meaning they were actually getting around 340 at the crank. Simple intake and exhaust work would bump the F-body LS-1 right back up to the 265hp the same motor got in the vette motor in those years, even without using the more aggressive vette camshaft.
My G8 GT uses an evolved version of the LS series motors, limited to a mere 361hp because of the cylinder disable feature which helps boost fuel efficiency and avoid the gas guzzler tax. Guys who swap out the collapsable lifters for LS-2 or LS-3 parts are easily seeing 400+ hp with only minor mods.
And cap, you're absolutely right about how easy it is to mod the 4th gen f-bodies for crazy power. A guy here at Sheppard AFB swapped in an LS-3 crate motor, then either turbo or supercharged it, for somewhere north of 600hp street legal on pump gas. And all total, the price of the car and all the mods he's done plus some interior upgrades like full leather seat replacements, etc., is less than the price of a 2010 mustang GT.
The only downside to spending a few grand building up a used f-body into an insane mustang killer is that you have to wear a mullet. That part sort of sucks.
