I had a 96 Cobra for 8 years. The last 5 years I owned it was with the Vortec V2-SQ with 8psi and longtube headers. Everything else was stock. I laid down 414RWHP and 366RWTQ. I ran 12.53@114MPH with a 1.888 60ft time. That was launching at idle. No burnout.
HP numbers aren't everything I now have an 04 Cobra with 591RWHP and 548RWTQ. I sold my 96 to a buddy. We raced on the street and I easily took him down. We never went to the track together, but when I took my 04 there, I'd run low 12's at 120-124MPH with a 2.1-2.3 60ft times. All I did was spin. I compared time slips and my 96 actually beat my 04 thru the 1/8 but my 04 edged out the 96 in the end by only 2 or 3 tenths.
So...HP means nothing. Get a good tire and good suspension and learn to launch.