Shelby American celebrates the GT350's anniversary with a modern Mustang

Shelby American is marking the 45th anniversary of the legendary Shelby GT350 Mustang with a new version, designed for Ford's new 5.0-liter V8 in the 2011 Mustang.

For those willing to plunk down $33,995--plus the cost of a new Mustang--the team at Shelby American in Las Vegas will crank out a modernized GT350. On the outside, that calls for white paint with the blue racing stripes down the center of the hood, roof and deck.

Exterior changes include new front and rear fascia, and the hood and rocker panels get functional air scoops.

Under the hood, the 5.0-liter V8 gets a Ford Racing supercharger, which will push output to about 500 hp, and blue-colored Shelby valve covers. The engine is bolted to a six-speed manual transmission.

The Ford Racing parts catalog also provides springs, struts, sway bars and caster/camber plates to upgrade the suspension. Shelby American also fits the car with Baer brakes for greater stopping power, and the Goodyear tires roll on 19-inch Cragar wheels.

There's a bevy of Shelby American 45th-anniversary badges inside and out. And the driver-side A-pillar gets gauges for fuel pressure, oil pressure and boost.

Ford begins building the 2011 Mustang this spring. Shelby American customers can have their car drop-shipped from the factory to the Las Vegas facility for upfitting.

By Dale Jewett