Newbie 4.6L Stocker questions

For the past decade I've been messing with street/strip late-model LT1 stuff. I by no means know all there is to know about these engines but did fool with them enough to make them run pretty well.

Now, I'm thinking off going over to the ''other side''. I found a 2000 Mustang GT local with the 4.6L and a 5-speed. It's clean, hasn't been modded or beat on, has low mileage for an 11-year old car, and is priced right. I'm thinking of picking it up and turning it into a street/strip car for now and running E/PS in IHRA. My goal for now would be to run local bracket races and once or twice a year drive it to the track and be able to class race and run the index which is 13.40/8.70 with a weight of 3290. I know NOTHING about Fords and am curious about this combination. My thinking is to mess with it now in Pure Stock and maybe run E/S one day with a bettter stick and race motor.

For now, do you think I could run the index with a 4.10 gear, lightweight wheels and DOT drag radials, good clutch, LT headers and better exhaust, cold air kit, suspension mods, tuning, etc.? I'm pretty sure the 8.8'' is fairly stout. What about the 5-speed? Anyone with experience in this area your input would be greatly appreciated.

Thanks.