Let's just say the car is fine, engine wise and all other things combined. The stock trans most likely has a 3.27 gear and it is pretty much useless for "seat of the pants" feel. I just purchased an '02 last year and spent a lot of time and $$ doing a bunch of things because I also open track the car. Now, living in the penal state of CA, our hands are tied to what can be done with emission related items, i.e. heads, cam, tuners, etc. so we are a bit limited on what can be done engine wise. I took the 3.27 gears out and put in 3.73 and it will pull much better now and the fuel mileage is not noticeably less. I like the feel and for track reasons, it works. You can read what I've done here:
www.weendoggy.com/mustang/mustang.htm Biggest improvement on handling was doing suspension work.