Tips for better traction...
 

What are some good ways to gain some rear wheel traction. Mustangs are pretty light in the rear. Are there ways to improve the poor rear traction?

If you get real serious you can put the car on scales and weigh it out for good weight distribution.

Control arms since a properly set-up control arm will use the twist from the axle to plant the tires. The Lakewood Traction-Action control arms change the mounting point of the arm on the axle to accomplish this while others do it by adjusting the spring perch. Another way is the replace the uppers w/ a torque arm/panhard bar (or Watts Link) combo. Drag springs and shocks also help as well as wider, stickier tires.

+1 to bassman

Battery relocation to the trunk...I dont remember the exact weight change but removing a 10 pound battery underthe hood is compareable to a 30 pound transfer to the trunk or something like that....relocate to passenger rear as it needs the weight the most.