http://www.stangnet.com/mustang-forums/822924-flghtmstr1s-700-rwhp-build.html
I have been following that build pretty closely. Should be a VERY fast car, AND it's being done with a roots-style blower. Pretty cool for sure.
To build a 10 second car (from the reading/research I've done over the years, no first hand experience), if you want to do it cheaply (this is assuming you are already including the basics like cold air intake, long tubes, mid pipe, etc.):
-Forged rotating assembly
-Cams
-Wet nitrous kit
-Build rear end
-Built, stalled auto
-Fuel system
-Basic suspension stuff
-Sticky tires
That would get you close at the least. I know guys with just a stock motor/clutch/5-speed/rear end and nitrous going into the mid-11s on drag radials. I'd certainly think cams + stalled auto + forged bottom end + a lot more nitrous + suspension/sticky tires would get you an extra half a second or so. Heads and intake would be icing on the cake.
If you wanted to do it with a supercharger (the way I'd do it), and assuming money is not a very big issue:
-Forged rotating assembly
-Heads and cams
-TVS roots-style supercharger (centri's would do it as well, if that's your preference)
-Built rear end
-Built, stalled auto
-Fuel system
-Basic suspension stuff
-Tires
10s would be NO problem with that setup. Depending on how well it would hook, I suspect it would be lower 10s. Plus, this setup would be VERY fun and easy to drive on the street. The downside is the cost; you're looking at $4000 for the rotating assembly/heads/cams, $5000 for the blower, $4000 for the drivetrain, at least a couple grand for suspension/fuel/tires. That's assuming you are doing all the work yourself. You see where this is going....