* 1991 Camaro RS V8: Came with either the 5.0L (305ci) or the 5.7L (350ci) V8. The 5.7L would be considerably faster. Even the 5.0L, while not as powerful as some other V8s of the era, still generally outperformed the base Mustang engines.
* 1992 Mustang: The base engine in a '92 Mustang was typically a 2.3L 4-cylinder. This would be significantly slower than either Camaro V8 option. A Mustang GT with its 5.0L V8 would be much closer in performance to the Camaro, though the Camaro often held a slight edge due to weight distribution and other factors.
In short: A base model 1992 Mustang is no match for a 1991 Camaro RS V8. A 1992 Mustang GT would offer a closer race, but the Camaro likely still has a slight advantage. The specific condition and modifications of each individual car would ultimately determine the winner of a race.