My friend ran 11.5's with a home-built 306, home ported TFS heads, Victor Jr intake (carbed), 750 Holley, etc. all in a 88 GT with t-tops. 11.58@119 I think. So you can EASILY run this.
For intake, I like Holley Systemax or Performer RPM II. TFS heads are hard to beat for the $$$ no matter what anyone says. And like stated, custom cam will be great. 30lb injectors, 80-90mm MAF, 75mm TB, and a GOOD TUNE.