Todd,
I've looked at those cars too and I think it might be a decent contender. Before I say more though I do believe that a 280Z, with the open ECU rules we have now, built to the max could really be a ITS winner and better than the Mustang. But the Mustang can't be too bad.
I think the biggest "issue" you'd have is an intake tract and cam that is all about low end torque. The folded runner design is to enhance VE in fairly narrow RPM ranges and that one is set to do that in the 2500-3500 RPM range. It has a reasonable long length and tiny cross-sectional area. You can't do anything about this, legally, because you can only port an inch into the manifolds.
The motor is large though at 3.8L and you can definitely make a high torque producing lump and if geared right it might do okay. My guess is you'd have to gear to to use the 3500-5500 RPM range of the motor which isn't that different from what Jeff Young has to do to the 3.5LTR8 he runs. I think the Ford 3.8L would be a long lived and extremely cheap race car, which has merits.
If I'm not mistaken the 96-98 years have a slightly lighter rotating assembly, the earlier rod is preferred. I think an "IT like" build will make around 150-160 rwhp on a Dynojet, but the torque is class leading, in the range of 210-220 ft lbs. This just based on what I've seen at a local Ford shop on the "Hall of Shame" they post, but bear in mind that is with 800+ rwhp runs on the boards. I remember those numbers were from a car with some port work, headers, and a mild cam, but no compression hike or IT attention to detail.
Definitely a contender. Getting the power to the pavement with the rear axle would be key. That torque is nice, but if you can't use it all the time, foot down, it won't help you.
R
