Heres a 'rule of thumb' I been working on:
"The more horse power you have the more you need two things."
1. Sticky tires.
2. Taller gears.
A STOCK 302 with low gearing and nothing special tires will lead to fish tailing and spinouts. Wanna 'smoke 'em'? No problem, match a T5 ultra low 1st gear trans with a 3.5 or lower rear gear and nominal tires. Now that can be fun at times, but not when it happens unexpectedly in the middle of a curving freeway on ramp!
You need to CONTROL the power, sticky tires and tall gears are a MUST HAVE for big horse power\torque light wieght car setup (like a Cobra). Get the gears low enough and you will need 'slicks' to control the power!