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350 hp vs 430
You mean the Corvettes? LS1 Vettes run anywhere from low-mid 13s to high 12s, depending on auto vs 6-speed. The LS3 Vettes appear to be running low-mid12s.
The LS3 is not going to dyno 400 rwhp. I heard mid 380's (which is still impressive). I also heard that the LS3 'Vette are a heavier than the LS2 'Vettes and the 1/4 mile times should be about the same. But I guess until we see them going down the 1/4 on a regular basis, it will all be speculation.
Anyway, a Mustang is going to need some FI to keep up with either. Full bolt-ons/suspension will get an S197 close.