I know the guy who builds the Sierra based one pictured and when completed you would do well to tell the difference between them and his genuine GT500 - the giveaway is the steering wheel is on the "wrong" side and that he usually leaves the Sierra rear seats in place.
As for their not too complimentary comments about Sierra underpinnings.... They are far and away better than the Mustang as far as suspension and brakes go. A V8 is easily lost in the Sierra engine bay but if you're going to build a car why muck around with a lumpy yank V8 when you could use a Cosworth engine? BOA V6 will make 200bhp out of the box and can be turbo'd up to 350 without internal modifications (500+ is easily achievable without getting too exotic) or of course there's the YB which will make relatively similar power levels but never match the torque.
Iain