Your buddy's cammed LS1 Camaro is in a completely different league than your car. If you guys raced he'd win by multiple bus lengths.
That said, 4.6L Mustangs can be fast but they require
a power adder whether it is forced induction or nitrous
Don't get me wrong, a cammed 2V can do low 12s no problem, but the cammed LS1 will still be way faster.