I asked that same question a while ago, i was told it was a fuel cut.

Yeah it's cutting the injectors

Why dont you just roll off (or launch) in second and leave first alone?

drive it like a truck

Havnt thought of that..... prolly wouldnt be very good for the clutch though, but for the drags i reckon if i dropped the clutch at 4000rpm in second might get a good take off, might even eliminate the axle tramp.

And yes sometimes it does feel like a truck.... especially when im driving side by side with a truck and we're both changing gears at the same time LOL!!!!!

Yeah, I did have fun with my rev limiter, and I had a Crane HI-6 ignition too.

Ford designed the rev limiter for long engine life*. It's nowhere near being dangerous to the engine. I upped mine to 6250 and had no problems (the problem I did have was raising the speed limiter).

Simple solution - Learn to drive better.

*Rumour has it Jaguar test their V12's to 12,000rpm, then set the limiter to 6,000. They'll last forever at that.