You got to remember that when it comes to top speed, it isn't about how much horsepower the vehicle has, its about its gear ratios. You could have a 800hp beast, but in order to hit over 200mph, you need a wide gear ratio.
Yes you need to be geared to go to the higher speeds, BUT the car needs the Power to get you there, the faster you go the stronger the wind resistance, and blah blah blah, cars are geared to match the power they put out. 295hp is not enough power to get the Stang to 200mph even if the car is geared up for it. Plus after 150mph the car loses its drag efficiency and gets unstable.
Lets also keep in mind the gears include overdrive gears...
@ Lancia stratos
When the gears are topping out at low speeds, its considered short (You spend a short time in each gear), when they are set up for faster speeds they are tall (you spend a longer/"taller" time in each gear).
The Stang being a budget muscle car, is not equipped to handle speeds over 150mph in any department. Not enough power to really take it further, not good enough brakes/suspension/drag efficiency to deal with those speeds. It would cost too much to make it go faster for the Price market they have the car in.
If you want to go faster, then you either need to go aftermarket with parts, OR buy a car designed to go faster from the factory, take the ZR1 for example & compare it to a C6 (not a ZO6, but the base model C6) and see the difference....
Another note to keep in mind, is some of the Super fast super cars that go from 200mph to 250mph, they sell for ridiculous prices (1million, half a mill, etc) Some of these cars when sold at those prices the manufacture loses money on each sale [do you know how much gold is in the engine bay of the McLauren F1? They use it to dissipate the heat, and gold works best] (this is a good reason why a lot of these cars are limited productions) Its about prestige, and an adaptation of the old saying from NASCAR "Race on Sunday, Sell on Monday".