As doug said earlier the Lotus will never be a drag racer and the Mustang a track carver. Not to say you can't try with either and get them decent, but at the end of the day a vehicle is built for a specific purpose. The lotus was built to turn.
Power to weight ratio doesn't tell the whole story, especially in a case of 2 vehicles that are so different from each other. One is mid-engine high strung, low on power, very low on torque and a suspension designed to optimize tire contact patch while turning. Lightweight with aerodynamics designed to apply down force.
The other is a front engine rear drive, tin can chassis (sorry? built foxes in the past its true), with a solid rear axle. Lots of power and more importantly GOBS of torque. Also not sure if the stang is an AOD car but with a loose converter also helps keep it at optimum power more often. A more normal weight vehicle with aerodynamics with no down force.
So now that we have pointed out those differences, what it really boils down to is this (in a straight line):
The Elise/Exige are very quick cars "around town". So much so that a Stock Exige S is probably equally as capable in little short low speed burst of acceleration as your Mustang. This is due to 2 reasons. One as you pointed out is horsepower/weight is pretty good and at low speeds that IS the dominating factor in acceleration. And the second is traction. 11 second quarter miles has far more to do with traction than it does power, and I am sure you know this. The lotus is pretty much a floor it and go car. Little to no wheelspin unless you are deliberately trying. The mustang on the other hand is probably more of a handful and with normal street tires it is a exercise in trying to just keep it from spinning way to much.
HOWEVER, at high speed (think over 80mph ish) the Elise/Exige's lack of power is VERY apparent. At higher speeds aerodynamics and power begin to dominate the ability to accelerate. An Exige has both low power, and (relatively speaking) poor aerodynamics for going straight since it is designed to create downforce.
Case in point, comparing my Elise to my old mid 10 second 240sx (which I also used to road race). My Elise will
destroy my 240 with short bursts of acceleration around town, and even getting on an on ramp. However once on the freeway my 240 could easily pull on my Elise, and at much higher speeds (like over 100) it would begin to put car lengths on my Elise. Around a road course there isn't a competition, the Lotus could run circles around the 240 even on high speed tracks such as Road America.
As a fun demo once I should race my buddies 1000+whp GNX once starting at low speeds. It would really show what I am talking about.
As for the 11 second thing:
11 second capable with what
I would consider "minimal modding" is not really possible. Most that have dipped into the 11s have big forced induction, motor swaps, and in many cases have a built motor. I know a few Rev400 kits (the ones that put down well over 300whp) have done it, some of the Honda setups I know have, one or 2 of the higher boost level turbo 2zzs have as well that I know of.
With "mild modding" on an Exige S (basically intake/exhaust/pulley/tune/fuel) expect mid (maybe low if you are an excellent driver) 12s at somewhere around 110.
I believe, if I recall correctly the 2005 elise was classified to run the 1/4 in 12.5 secs factory stock. I haven't tested it, and I believe it was Road and track that did. But that was with a car that weighed in at 1890 pounds with a hp rating of 190hp at the flywheel.
When you get into the exige line up, we are talking (if I remember correctly) 100 pounds more in body weight, so it is approximately 1990 - 2000 pounds with which ever power plant you plan to have. However the other aspect you have to consider is that the elise is supposed to produce 18 pounds of down force at 100mph, but the exige is supposed to produce 100 pounds of downforce at 100mph (also if I remember correctly and I am getting my facts straight). So to create that much downforce you have to have that much MORE drag, which means at faster speeds, slightly slower acceleration.
Is it possible to produce the power/push you are wanting to feel...well here is my experience so far then. I own a 2005 elise and I just installed a Vision Function stage 2 S/C kit into my car. I have NOT been able to hit the 2nd cam as I am waiting for the clutch to break in the rest of the way, but at this point in time, the power delivery is great and spot on. The car has TONs of power, but it is VERY everyday drivable. I actually thought it was going to be to much, but truth betold it is like driving the car with the original power plant.
However, when I did try to hit the 2nd cam once, the power delivery was so much that the clutch just spun and the car went no where. So there is still a VERY large monster in my motor that I haven't been able to release yet, but I believe that with this build (no other real modifications to speak of other than the larini decat and BOE silent touch exhaust), the car will break/reach the 11 second barrier with stock tires/235s. With racing slicks and a 245 width, I am pretty sure you will be able to hit 10s, as the power to weight/torque to weight will easily match/destroy your 365hp mustang. Also, midengine/rear wheel drive generally has much better take off than front engine rear wheel drive.
Hope that helps.
I agree with what you are saying about the aerodynamics and low versus high speed Elise acceleration. However I don't mean to burst your bubble but your quarter mile times are way optimistic. These cars can't do it.
A stock Elise may have run a 13.5 and that would be with a great driver on stock tires. No way anyone (motortrend/r&t included) went 12.5 in a stock Elise unless there was some recording equipment error.
I would be very surprised to see a VF2 car go 11s on stock rubber. It would be great driving if it did. I know my old N/A setup *just* got there, but that was with more power, far more torque, and less weight. A 10 second quarter mile is a pipe dream on a VF2 kit.