Well to get that sort of power to the ground efficiently you would probably need to look into some lower control arms for starters, Uppers if you can afford them also. Gears would help since most of those things came with airplane 2.73's. With as many miles as most of them have, a traction-loc rebuild might be in order to keep you from one wheel peeling. Last but not least would be some nice weld in subframes, as fox bodies are notorious flexi-flyers. These are all things that would HELP tremendously in your quest, but not really needed all at once.
As far as the tranny... I would probably leave it alone and wait for it to break, because it will under hard launches and shifts and 400 HP. Some people have had them survive to 10's granny shifting them and catering to the weak tranny. With that much HP id invest in a new tremec TR500 or better yet TR600 when that thing gives up the ghost.
Raising the compression to 10.7 or so would require some domed pistons or really shaved heads. You can hit about 10:1 pretty easily with some aftermarket flat top pistons. Id say 10:1 shortblock, aftermarket heads, cam, and intake and you could net 350 at the tires with little work.
Now Ill tell you the shortcut.
1. Drag radials
4. control arms
6. 150 shot of nitrous
or you could just get the nitrous to begin with. I have seen bone stock 5.0's run into the high 12's with a bolt on aftermarket nitrous kit.
like you say, personal prefrence though, some people dont like messing with the juice.