Magnum 300 crate engine - how should it go when tuned up right?

4.10s are not the best gear to test zero to 60, with a 904.
5000 is 38 mph/298hp in first. The Rs then drop to 2960/180hp;which you then have to power thru to 60@4650/300hp. There is your crappy performance.
The published power curve for that engine shows about 180 hp at 3000, and 285@4000, and hitting 300 @4625.
So from 3000 to 4000 the average is; 180 plus 285 divide by 2= 232hp.
4625 is 35 in first, and 5000 is 38..... So you are on the pipe for exactly 3 mph in first gear. Hang on that's an exaggeration. Remember I said the power is shown to be nearly flat from 4000 to 5000.
In second you hit 4650@ 60, so you were on the pipe for a micro second,lol.
So your Gtech at 225 is pretty dang close. Or maybe I should say my interpretation of your situation is pretty close.

I see three problems;
1) is the short shift
2) is the shift splits
3) is the 4.10s
The published power curve is only down a couple of hp at 5000. There is no way for me to accurately extrapolate that curve, but I can guess. I know that the 1-2 split in the 904 is .59, so I, ME, would be carrying first to some higher rpm where the power has fallen to about the same level as what I'll be entering second at. This will give me about the highest average power possible for the run. So, in your case, I'm gonna call that outshifting at 5400@210hp and entering second at .59x5400~3200@210hp. So that fixes #1
And since we are stuck with the 904,there's nothing we can do about #2.
And that leaves rear gearing. According to the graph your engine wants to trap 60mph at about 5200. That will take a 7.32 road ratio, which would be
2.99s in first, or 5.05s in second. (or 3.81s with a 4speed in second,lol)
And that takes us back to "4.10s are not the best gear to test zero to 60 with a 904".
Ok but
What ratio were you using in the Ford,ptoui,lol.
Your power to weight ratio is 3600/300=12 pounds per hp. What is the Mustangs?
And how much time did you give up on the start line due to tirespin, compared to the other. With 4.10s and 245/60-15s,and street suspension, you shouldda still been spinning at 60,with the Mopar,lol. 275/50-15s should spin all thru first at least
And like you said 6.5 is not terrible, especially if you are spinning most of the way,lol. And if you're not, it's time for a compression test.

So in review; what gear should you be using? Answer; the 4.10s are already in there, and neither the 5.05s nor the 2.99s are ever gonna be on the table, are they? So 4.10s it is, just work on the tirespin. You can easily lose .5 to say .8 second on the line, and another .3 to .5 during the run. That cost is .8 to 1.3 from zero to 60. If you can optimize that, you stand a chance of pulling a mid 5 second run, or less.
If you want to change something, my vote would be the TC. The chart does not go to 2600 but extrapolating it, I get about 100hp; which translates to 200ftlbs and that is about 2160 to the road with your TM, more than enough to break your street tires loose. After that you need to sustain to 4000 where the power is, slogging your way up thru 3000,3200,3400,3600 and finally 4000@285hp. Now yur getting on the pipe. But if she's spinning all the way, well a bigger TC will just spin worster.
Anyway I hear Rumble snoozing, so I better quit rambling

Well done, man.
I need to chew on the info a bit but your points about the ratios are spot on. That definitely makes sense and it’s making me wish I had the budget/time for the T56 swap already.

So this may be obvious to everyone but me but aside from the governor weight, what Needs to be done to hold off that shift for 400 more rpm? Aside from the Dart, I drive nothing but manuals...I always thought the biggest benefit for the slush pump was that you set it and forget it. :D

Well, traction isn’t that big of an impediment so far. Launching around 2500, it burns the tires for ~15 feet and hooks...I tried rolling into the throttle less abruptly to spin less and the times were significantly slower. So...compression test may be necessary? The motor doesn’t smoke so I’m hoping that the tuning may be more relevant.

Yeah the Mustang is a 3600lb landwhale but it has a motor that pulls from 2k straight through 7300, 285 wide W-rated tires and six gears. It’s not a fair fight. I opted for the 3.55s over the 3.73s because it would trap in 3rd rather than 4th. Someday, it’ll make it to the drag strip. Lol Trust me, if Dodge offered a sub 4000lb muscle car that was smaller than a Country Squire I would have bought it.