Traction control isn't just braking. It will actually cut engine power to help stop spinning.
Your always going to have wheel hop. You can do things to reduce it, but the only way to get rid of it is to put a live axle rear in it. You can put aluminum diff bushings in, a rear diff brace in. That's all I can think of to reduce wheel hop. Someone else may have more ideas.
__________________ C&L 80mm mass air and True Flow pipe, Mac CAI, BBK 65mm tb, Steeda non-piggy back ud pulleys, MGW shifter, RAM HD clutch and aluminum flywheel, 3:73 gears, 2.5" Dynomax o/r x pipe, 3" MAC cat back system w/ 3 1/2" tips, Kenny Brown(front and rear strut tower brace, caster plates, subframe connectors,extreme matrix brace,jacking rails, torque brace, lowering springs), Bilstein shocks, 03-04 Cobra(side scoops, rear bumper cover, top), 6pt roll cage, white FR500's, FMS 2000 Cobra R air dam. | 
wheel hop? 
