mustang HP MIA

I finially finished my project car that I started over the winter. I dropped a 5.0 into a 96 mustang that was originally a v6 car. I went with carburated to keep things simple. I put GT40 heads on, edelbrock RPM performer intake and carb. it also has a good sized trick flow cam and under drive pulleys and a long tube exhaust leading to flowmaster 40 series. The ingnition is msd and mallory with 9mm plugs and bosch split plugs. I have put about 1,000 miles on the newly build engine and have noticed that I am not getting all the power that it deserves. There is a decent amount of smoke coming from the exhaust and im not sure why. I only have a 9 inch air intake on the carb. just because thats all I could fit under the hood. Also I did not replace the rear end or the transmission, but the tranny is good up to 360ish HP. I was thinking that maybe the rear end gears or the tranny gears are robbing me of power because of the v6 gearing, but im not sure. if anyone could help me recover the MIA horses for my mustang that would be GREAT!:shrug:
 
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