I just looked at some American Iron lap times from last season. Our cars fall into that class as well. They were running times mostly between 53 and 55 at CMP. Loose in. I saw a 51 on one sunday race and only one guy in the 51s.

I doubt I would be anywhere near that starting off.
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FYI - American Iron Lap Record at CMP is 1:48.8 (5/1/2005 - A. Kirby - Mustang)

Last AI race I saw there, I believe this was 2003, the top three were in the 49s.