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For the Mustang, if it were me, I'd build a turbo four cylinder that ran off boost at highway RPM. But for your V8, get either a high geared rear axle or a quickchange so you can gear it up without having to run tall rear tires. Keep the RPM's low!
For aero, get an aftermarket engine temp gauge to make sure you don't ruin anything, then start closing up grille openings up front as much as you can. Then, build a big air dam. Land speed racer guys have some good stuff out there, and there are many threads on EM about DIY air dam builds. Throw on some smooth wheel covers afterward.
These mods are transferable:
Another good bumper:
I know you're against boat tails, but you could probably snoop around and figure out how to make a cool looking land speed racing style flat spoiler. After all, most gains will be at the rear of the car. The Enduro's spoiler might actually reduce drag by reducing lift (win/win situation); I don't know for sure.