In stock form, yes, it barely chirps. To be honest, you are getting the optimal traction when you just begin to hear them chirp.
Since this is/was a thread about converters, most people who have responded have added some kind of power, be it a small or larger amounts, but that equates to traction problems since theres no extra traction to support it.
Most of these people also go to the track so they are worried about every 10th of a second they might lose by going too hard on the throttle. There is a huge difference between a Mustang and the LS. 20 hp (to 50 on a gen1) is not an ignorable difference and we also lack torque. You can't ignore a few hundred lbs either. I don't think they're a useful comparison.
4.10's even on a stock gen 1 will probably just spin, nevermind with a higher stall... unless of course you get some wide slicks or drag radials on there. Forget about it with a power added, I'm all over the place launching from 1100 RPM unless i pedal it out slowly. Limited slip and wide slicks would contain it though.
I agree with you about IRS being fine and reaching 12's with a power adder, gears, and higher stall, but bring the limited slip and wide slicks or else you'll give up a lot of time on the 60'. I only have the 100 shot (was around 85hp at the time) on an otherwise stock car and ran a 13.7. I could have shaved 2 tenths off that with a heater and more practice.