[Dragsinger]

Slow,

About the 96 Camaro;
*engine access is a tough job, will cause you to possibly say bad words. Engine is WAY under the cowl area
*T - tops not desirable
*rear axle assembly weak but maybe acceptable with stock engine. No rear axle upgrades from GM available.

Just food for thought, things to consider

The Mustang;

*engine access good, "normal" position in compartment
*Rear axle assembly with 8.8 is very good, will take plenty of power with no problem.

And these comments are from a dye in the wool Chevy racer. Given these two choices the Mustang will be easier to work on, thus, less frustration, more fun.

From the perspective of performance and being competitive either car is acceptable. I think with all considered the Mustang will be less work, less money, less hassle, more reliable.