The new car is based on the '2011' model-year Mustang's new 5.0-litre V8 range-topper, although the addition of a supercharger brings power to around 500hp, up from 412hp.
As well as the supercharger, the GT350 gets bigger brakes all-round from Baer, and Ford Racing springs, struts, sway bars and adjustable castor/camber plates. A Borla exhaust is also fitted, and wheels by Cragar.
Unlike the GT500, which is available direct from Ford, the GT350 is a retro-fit affair.
Rather awkwardly, adding the price of the conversion ($33,995 or roughly £21k) and a base car makes the GT350 more expensive than the GT500, which gets a 540bhp 5.4-litre supercharged motor.
After all, the GT350 badge is pretty historic. "In 1964, Ford Motor Company asked Shelby American to turn their secretary's car into a race winner to help them sell Mustangs," says Carroll Shelby, founder of Shelby American. "Our Shelby GT350 ruled its class at the track and was feared by GM and Chrysler owners on the street. Enthusiasts have anticipated the GT350's return since it went out of production in 1970. Now my band of hot rodders has created a car worthy of the name."