ok....well here is the deal...i was able to talk to my buddy (who is constantly busy over here) who has his own shop and is the local nitrous guru. he has owned mustangs for 20 years now...and hasn't had one without the gas on it. he has had 5 4.6L's of his own, and dynoed at least 100 4.6L with nitrous that he installed. His advice was this (and i will be going with what he said as i've seen what his 4.6 monsters can do): DON'T GO WET! all you are paying for when you go wet is the initial punch (the nitrous sprays at 1000 psi and the fuel sprays at 40 psi, so the nitrous gets to the cylinders first and you have raw nitrous in there and one the fuel enters you have that initial punch.). while this feels good, it isn't good on the internals of a 4.6 SOHC. not to mention the composite intakes are not designed to have nitrous and fuel flowing through them...hence the backfire, and no matter what you do to avoid it...sooner or later it WILL happen. so i said, well i heard the dry kits can cause problems tricking the computer not dispersing the fuel evenly among the cylinders, thus causing lean spikes...he said that only happens if you spray though the MAF. if you do it the way you're supposed to (the way he does it) you won't have ANY issues. The NOS dry kit is the best kit to use on a 4.6. with a .73 jetting he guarantees 125 RWHP extra on the dyno...this is the same number he has gotten on all of the 4.6's he has dynoed and his own. The only reason to go wet is if you had a two stage system, then the 4.6 is already wound up from the 1st stage and it will perform correctly....but if you just want something fun to not worry about, that will still keep up or pass an LS1, and/or will drop your 1/4 by atleast 1.5-1.8 seconds...then a dry kit is the way to go.
i'm sure there will be several who disagree with this, but the bottom line is i know this guy and i've seen what he can create and it is amazing. if you want to get in touch with him, PM me and i'll connect you. otherwise thanks for the info guys, but i know exactly what i'll be doing now.