I'll admit I'm curious at how he came up with a 10.89 ET. Private track day, maybe? Normally you are running a rollbar at the drags starting at 11.49.
If you are going after a Bonneville record with it, seems the ante would be past 250mph. Not sure if a Mustang body would be a good (aero) choice or not for those speeds. I think a 4th gen Firebird, Camaro, or Corvette would take less power? But I'm a Cheby-guy.
Personally I always get jumpy at buying someone else's project street car. Often they are sold because they are a PITA and the owner gets frustrated.
To run 10's or do Bonneville, you will make the car a PITA as soon as you cage it. Even a rollbar reduces the car's street-worthiness, visibility, storage, strange noises, etc, are all going be issues.