The car is mine.
The motor is out of an 87gt and has been transplanted into a Factory Five Cobra. The heads are E7TE castings -- I haven't had them off. The intake is a stock GT intake from that year. The exhaust doesn't sound like it's running any sort of cam (although it's hard to tell that with side pipes as it doesn't have the same sound as an h-pipe). It's running the stock computer (speed density) (no tweecer, no chip -- the J3 port is empty). Yes, the numbers are abnormally high (even after removing the smog pump/ac/etc).
So... there's two options.
Either it's stock and just puts down abnormal numbers...
OR
Whoever owned the motor in it's previous life did something (home ported heads? / home porting of the intake / cam / possibly rockers) and used some fairy dust to keep the speed density ECU happy with those changes.
Call BS if you like. If it matters that much to you, you can pull the heads and check them as long as I get the car back running when you're done.
And Thorne -- Keep my car out of your e-peen contests.