The Camaro has a near 50% horsepower advantage. 400 pounds heavier or not, the Mustang is going to the glue factory.

Quick searching found that the Mustang should run about 14.7 and the Camaro around 13.9.

If they really want to know, they need to take it to the track. Anything else is just speculation, even with the data

However, I think the Camaro would win

Yes. on performance, Camaro. But, I have raced both, it also depends on the driver. If the driver can hit them gears just right in the stang while the camaro is not as good, the stang actually has a good chance.
My buddy smoked a 90 something cobra in his 350Z just cuz he knows his car and when to hit the shifts. The cobra...lets just say he is a lot of talk but cant drive for crap.

And just to point something out...look at my screen name, I Am a chevyboy, born, raised and forever will be, but i have to recognize when a ford actually has a chance, even if it hurts.

It'* a 5.0 Fox Body vs an LS1 F body? No contest, the Camaro everytime...

Eh, the LS1 Camaro would probably still take it.

Not really, the Ford is using an older engine that can't stand up to the LS1 in this case, If it was a Late model Mod motor, it would be closer, but even the newest 4.6L 3v engines in Mustang GT'* aren't up to the Power levels the LS1 was at.

Even the same year with similar power levels, F-bodies typically win, throughout the 90'*. This is even worse with an 8 year and siginificant power/torque difference.