Are you saying that 280rwhp on the auto is close to 350bhp? How much % loss do the mustangs really have? I haven't seen any definite numbers on it.
The guy who tuned my GT after installing the supercharger told me that the industry wide accepted drivetrain loss is 15% for a late-model Mustang with manual trans, and 20% for a late-model Mustang with auto trans. I have heard that from many other sources, as well, including MM&FF magazine. That, indeed, means that an auto with 280 rwhp is making 350 hp at the engine.
By this same logic, a 100% bone stock Mustang GT (300 hp at the engine) would dyno 255 rwhp with a manual trans or 240 rwhp with an auto trans. That must be assuming a Mustang chassis dyno, which reads lower than the more common Dynojets out there. Mine put down 351 rwhp on a Mustang chassis dyno after the supercharger install, which equates to 439 hp at the engine given a 20% drivetrain loss.
Those that have dyno'd on both machines report about a 10% difference - wow! That means that a 100% bone stock Mustang GT on a dynojet would likely put down around 280 rwhp with a manual trans or about 264 rwhp with an automatic. I've looked over enough S197 GT dyno sheets from 100% stock Mustangs to support those numbers, and most people tend to use Dynojets. Mine would likely dyno around 386 rwhp on a Dynojet, which would equate to about 483 hp at the engine.
The only real measure of power is through simple calculations straight out of a physics textbook. You can measure rwhp if you know how much weight you've moved over a given distance at a given speed. A 1/4 mile timeslip and a trip to the scales will provide everything you need to calculate real world rwhp...
Take your trap speed in mph and divide by 244. Then take that amount and cube it (raise to the 3rd power). Then take that amount and multiply by the total weight of the car + driver. The answer is your real world rwhp. For example, a stock GT manual should trap about 103 mph and weigh about 3650 with a driver. That yields a calculated rwhp of 275. A stock GT automatic should trap about 100 mph and weigh about 3750 with a driver. That yields a calculated rwhp of 258.
And the beauty of the formula above is that if you've never been to the track with your newest mods (or ever at all), but have dyno #'s and the weight of your car, you can predict quite accurately what your trap speed should be. ET is harder to predict as driver skill and traction really mess with ET's, whereas trap speeds tend to be consistent regardless of driver error or tire spin (within reason, of course).