Evo 8 with basic mods runs around 11.6 at 117mph, and the mods run about $2500.
Stage 1: $1419
BR EVOLUTION AIR FILTER KIT
BR EVOLUTION 3" STAINLESS STEEL DOWNPIPE
3" HIGHFLOW CATALYTIC CONVERTER- I used test pipe
BR EVOLUTION 3" STAINLESS STEEL CATBACK W/ MAGNAFLOW MUFFLER
BR MANUAL BOOST CONTROLLER
BUSCHUR FLASH-I used Dynoflash
AUTOMETER 30-0-30 BOOST GAUGE
COLUMN MOUNT GAUGE POD

Stage 2: $979
BR EVOLUTION MAF PIPE KIT
EVOLUTION ODYSSEY MINI BATTERY KIT
BR EVOLUTION UPPER I/C PIPE KIT w/ TiAL BOV-I used 1G and Forge RS
Tein S tech springs $208
Exedy Twin HD clutch $1500
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03-04 Cobra Terminators run 11.90 with only rear Draglights w/ 26-10.5 ET Streets. Most guys spent less than $1500 to make 450+hp and 450+tq - back in 2003-2005. You couldn't do that back then with the Evo 8. I know - I wanted one then (and still would like to have one now).

Yes, I like the Evo, and wouldn't mind having one, but to be honest, you can just make a lot more power for a lot less money with a Mustang.