Here is a vid that has a buddy of mines Maverick in action. If you want to skip the Mustang and go right to it, the Mav appears at the 1 minute 0 seconds mark. The trans pan is now being baffled to prevent the fluid from moving away from the pic up on the launch.
No, it has leaf springs and cal-tracs...the suspension is basically stock. Oh and the car has a 331 with Nitrous.