Bladder - the important part of this post relative to your question is the SPEED RATING of the tire -- not so much the size of the tire. Although, with an 8" wide rim I'd go with a wider tire as you're going to. Also, the Stang is quite front heavy and understeers like a pig --- that smaller tire on the front only makes things worse. Besides that, the 215/40/17 is a full 2" shorter than a stock sized tire -- which probably looks quite goofy on a stock height car -- LOTS of space between tire and fender. You haven't gone low-rider on us with that Stang down in FL have you?
As for all the rest of the stuff -- here's how it works. The first number in the tire size is the SECTION WIDTH of the tire in millimeters when it's mounted on a proper width wheel. Section width is between the sidewalls -- not the tread width. The proper width wheel is one that is not more than 2" narrower than the section width of the tire. The second number in the tire is the aspect ratio. 35- 45 - 55- 60 -- think of these as percentages. You multiply the aspect ratio times the section width to get the height of the sidewall -- distance from the ground to the where the wheel starts.
So to calculate overall height of any tire - you convert the section width to inches by dividing it by 25.4 mm/in. Then you multiply that number by the aspect ratio to get sidewall height. 2X the sidewall height plus the wheel diameter gives you the height of the tire.
Stock Stang - 225/55/16 --- ((225/25.4) X .55 X 2) + 16= 25.75" tall
215/40/17 ----- ((215/25.4) X .4 X 2) + 17 = 23.7"
235/40/17 --- ((235/25.4) X .4 X 2) + 17 = 24.4"
Even that size is a full inch shorter than stock.
The proper height in a 17" tire with a 40-series aspect ratio is a 275/40/17 (25.7") -- however, that's a bit too wide a tire for an 8" rim. You really need a 9" wheel for that wide a tire. What you'd like for a 17"X8" wheel as Blake said is a 245/45/17" tire -- that's 25.7" tall too.
If you're serious about 130-140 mph speeds, then as iblue said -- you want at least a V-rated tire, regardless of the size.