Those numbers aren't that bad. Let's use a conservative Mustang to Dynojet comparison of -15% for the mustang dyno from the dynojet numbers.
254 / .85 = 298
274 / .85 = 322
Those are comparable to stock LS1 numbers, and the mustang is rated at 300 and ??? for TQ, so I'd say those are actually pretty good.
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