[Jeff Lee]

Yes, it is '68 only, not 1967 as I posted originally. Also, it was a 390 factory rating and the 427 Cougar had the small Holley. I assume it was the small car and hydraulic cam that hampered performance, although 390 HP in a mid-weight pony car can't be much to sneeze at. Here's the carb specs per NHRA:
428 CJ Holley - 1686x1686/1375x1437 14 – (735 CFM)
427 Holley – 1563x1563/1250x1313 (600 CFM?)

Interestingly, I see that NHRA lists this 427 as a Mustang option in 1968. While I do not believe that to be true, it is written. I would say the '68 427 Mustang / Cougar engine is due for some politickin' by some smart FOMOCO racers! How about something like the -75 HP drop the Pontiac 428 recently received? As I quickly review the specs, it looks like a 75 HP reduction is not out of line. Seriously....

Bill, how would you rate the performance of your Cougar GT-E against your GT-500? I would bet the GT500 is porkier and it shows.

The GT-E's restored bring close to $100K and are a rare sight. Some more discussion on that 2-speed GT-E would be interesting. Something like that at BJ or other venue? The sky's the limit. I could see a car like that with a 427 and special rear being well north of $150K.