Your right, and then your wrong, because those are peak numbers, most of those motors don't make 300tq, and thier peak torque is much higher in the rpm band. A foxbody is just a good platform, stock it's kind of slow. Yes, the motor is outdated, but there are updates available.

If you want, go to ls1tech.com and look at "conversions and hybrids" where there are quite a few people dropping in LS1's into foxbodies. You can pick up a LS1 with T56 for about $3500-5000, which sounds like a lot, but consider what your getting and it's potential. For me, I have been bouncing around options, and the LS1 was one of them, but decided to go all out, nothing will be made by Ford on my car except the body.
I used to have a '95 Escort GT 5speed. Honestly, my 5.0 felt slower when I got it. Yeah, it had more torque, but the Escort had more up top, in fact the first time I ran it at the track, the ET was the same, but the MPH was 4mph slower in the mustang in the 1/8th mile, and the sad thing is that my Mustang at the time had underdrives, CAI, and flowmasters, while the Escort when I ran it had only a flowmaster. (don't flame me, I was just practicing) However, the Mustang was so much more fun to drive. It's a real car, the escort, is an escort. I miss the MP
G though, plus the sleeper factor. The base Escort LX has a 88hp 1.9, most don't even know about the GT's 1.8 mazda motor. I would never go back.