The 2011 SEMA Auto Show was undoubtedly a Mustang and Camaro free-for-all with tons of tuning packages for both models. Most were for the current generations of each, but there were some tuners with an eye for a classic, and Goolsby Customs was one of them. This tuning firm understand that an oldie is still a goodie so they based their "Pegasus" package on a 1971 Mustang.

The problem with trying to modernize a classic is that, most of the time, there isn’t much left of the original once the transformation if complete. In this case, the Pegasus has received a compete makeover. The old chassis has been replaced with a new one from the new Fast Track Mustang designed by the Roadster Shop. The front has been shortened by six inches, while the rear end has received a pass-through spoiler. The car has also been given a new set of Nutek wheels combined with Wilwood brakes.[...]

Source: topspeed