If you want 420 whp to the wheels, plan on a steep learning curve and a LOT of expensive mods.
Cheapest safe way to that route would be custom tuning for E85 fuel, forged internals, much larger MAF housing, intake, recalibrated MAF sensor, big downpipe, etc.
Also remember that this is a FWD platform and will always get ***** from a dig by even stock muscle cars.
Having said that, we have a huge weight advantage and power to weight ratio pretty much controls race outcome once you hook up and have comparable gearing.
I can pull on stock current stock Camaro SS and 5.0 Mustangs from a 40 roll, with my mods listed below. But that is "only" about 300 whp. That is about the limit, even fully bolted, on the stock turbo and 93 octane pump gas, maybe 320 on a custom tune from a very talented AP tuner.
If you are planning to race modified muscle cars, either get a very fat wallet or get a 5.0 'Stang, spend only a couple grand and get down into the high 11's or low 12's.
You are driving a high 13 second car. I can run 13.4 at 106-107. But from 60 mph up I can run with the 12 second crowd.
Maybe set your sights a little more realistically? These are fantastic cars, but drag racing is not their forte.
If you want to spend the big bucks to get really quick it can be done. Go over to mazdaspeed forums board and read the big turbo build threads. Also take note of the number of blown engines on those low 12 second time bomb engines.