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I was running into this problem on my last mustang with 4.10's and NOS. It was an automatic but around 115 mph was all 3rd gear would do. My plans were to switch to a 28" tall tire. That would give you plenty more room. You wouldn't need to raise the limiter.
Not necessarily. In your case it would allow you to keep pulling instead of maxing out. And they can also help 60' as well. A taller tire reduces your drive ratio though, so it would be like you were running 3.90's or something (dont know exactly, just an example).
anybody know whats the max trap i can push with 275/40/17 in 4th gear? i have a tuner but i dont wanna bring my car too high in the rpm and go boom lol