New to this site and my Cobra (4/09), which replaces my '66 Mustang as my auto-x toy. After much research, I finally pulled the trigger on the Dunlop Direzza Star Spec Z1 and had them shaved to 7/32's, since she's not my DD and I was looking for that "instant gratification" performance. I wanted a tire that I could pull street duty, give me an edge at O/T events, and run as my auto-x tire while I sort out the car running in FS. Also wanted to tune up the driver mod before switching to R-comps. So far, with about 5k miles on them, I'm pretty impressed with their performance. This included one O/T event, about 5-6 auto-x's, and lots of wet weather street driving. I opted for the 255/40 on the stock rims, to help out with the no low end torque B-head gearing. Not sure if you're running stock size wheels/tires, but you shouldn't have that problem with an '01.
As said, you can't go wrong with the Nitto 05, Kumho XS, or the Dunlop Star Spec. The biggest drawback with the Dunlop is the lack of sizes, as the 255/40 is the largest size in a 17". My decision was also very price point related.
If Ciotti could chime in, he can give a very good evaluation of the XS he is running on his Cobra.