Close. Mach 1's used the WAP block and only the stick received a steel crank. The heads are the 03 cobra 4 valve heads not the "C" heads from the previous cobra. All 4v exhaust cams are the same but the mach received a slightly less aggressive intake cam than the cobra. Both share 3.55 gears but the mach uses a live axle instead of the IRS.
Stock for stock they are considered a driver's race for a ls1 f body.