As Justin said we havn't raced, yet.
Well here's what's going on:
I'm having the cams checked this week to double check the alignment.
My spark plugs are 28k old, I doubt this would make much of a diffrence, but it's possible.
I will be buying KYMP5's axleback as soon as he gets his new on in. Shortly after that I will have a mandrel bent midsection.
After all those changes are made I will dyno again.
I still think my biggest bottleneck is the Exhaust. Like I said before, I "gained" 4 whp when they took the probe out of the tailpipe. That pretty much tells me exhaust restriction is the problem.
Just for s**** and giggles here's what other's have put down on a Mustang dyno: (thanks to Mazdacub)
5sp stock = 86 WPH
5sp with intake = 89 WHP
5sp with intake and ground wires = 89 WHP
Auto with intake, ground wires and exhaust system = 89 WHP
So overall I don't feel bad about it at all, I think mines was a normal dyno, and Justin just has some freak of nature P5.
Edit: and just to toss something else out there for everyone to think about, our intakes were at diffrent angles.

Mine was more level, while his was angled way down.

Again doubt it would make much a diffrence but something to think about.