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5.0L (1979-1995) MustangTechnical discussions on 5.0 Liter Mustangs within. This does not include the 5.0 from the 2011 Mustang GT. That information is in the 2005-1011 section.
dude i would say around 390 - 400 hp low 12s because just heads and intake would bring you to around 340-350 hp and you got bore and stroke kit and alot more.
I've been using Desktop Dyno for about 7 years with several differant cars.
It can be quite accurate if you have real E.T. slips in hand and you know the real weathr condition for time/day the slip was run.
I use a Biondo weather station for all the weather data.
I also don't think that 331 is really over about 325-330HP. If he's using Desktop Dragstrip with it and coming up with 11.90's, he's putting some bad data into it........