My friend Paul has run a 12.03@112 with a stock 60K mile shortblock. Search for him on Corral.net under the screan name Killercanary. His car is sick, really a cool guy to talk to. He was a featur car in December 04 Mustang and Super Fords Magazine. Pretty sure these are all his mods:
-AFR165 heads
-FTI cam
-Edelbrock performer intake
-65mm TB
-75mm MAF
-24lb injectors
-190lph pump
-TKO
trans
-Pro Motion Kustom clutch
-4.10 gears
-Eaton diff with superior 31 spline axles
-FMS shorty headers
-off road bassani x pipe
-dymoax welded ultraflow mufflers with stock tail pipes
-ASP pulleys
-Morpheous power pipe
It dyno'd 304rwhp/331rwtq. Some guys can just plain drive.