It may have been a small stretch, but not much. That amount of power isn't feasible with a naturally aspirated "street" FE, but the 385 series engines can get there without much fuss. My Boss 9 engines make 750-800 hp very easily and if you head towards 600 cubes with a hydraulic roller or mild solid roller, 900-1000 hp is certainly doable in a "street" setting. It may push the envelope a little, but most of the cobra engines floating around push it as well.
Cobra Make, Engine: Kirkham #684, 482FE, Mike Mccluskey build
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Modern day electronics, running the mod motors, or any modern motor for that matter, helps drivability also, they don't pay the computer Ford gurus for nothing.