Nope, that would make it worse apart from the diff. The 302 is so good because of less weight and better balance. You can't fix the extra blower and all the added weight on the GT500. Slower turns, earlier braking, more brake fade, more tire wear, less control. Apart from the diff, the track package just keeps you from boiling the engine and tranny.
As for good sounding American V8's? I personally dislike the sound of most of them, especially the overcammed gurgle gurgle machines at low speed. Now, an American V8 mounted mid-engine as in the GT40 sounds bad-ass. It's the sound of the cross plane crank versus the flat plane cranks found in European V8's. Btw, NASCAR uses flat plane cranks because they think it's sounds better than typical American V8's.
I like the sound of the 351 in the GT500, it has very throaty and muscular vibe to it. As for weight, most people don't go to a track, and on the road that amount makes little difference, I'd rather have the extra 200hp. That aside, the GT500 was quicker than the Boss 302 on the `ring.