Unless you have a good street turbo, (TA-49, TE-44...I loved my TE-44) good valve springs, good fueling, good traction, the right TC (a small diameter with low stall, like 2800) and some gears in the 3.30-3.50 range, good tuning and great driving, I think you'll lose. Unless he just doesnt know how to drive and has crap traction. If he can hook, he may kill you out of the hole, but the gearing may help you win at the end.
I raced Wiked87GN's GN a long time ago after I pulled the blower off and was making about 310rwhp...I had 2 year old tires hard as a rock and knew I would have no traction, (real gritty dry road with old asphalt) so I tried to launch in 2nd and blew the tires off up till 70mph, really really bad. He was about 3 cars ahead of me in 2 seconds even though I was barely moving and hung with him through the rest of the run...but stayed that 3 cars back the whole time and lost. He had big tires, suspension and TRACTION. He KILLED me out of the hole while I spun the treads off my tires for like 8 seconds. He was probably running a mid-high 12 at the time, and I lost. 5 speeds are hard to control on the street without killer tires and weight transfer.
Having 400rwhp may be his enemy if he cant get it to the ground. But 2800lbs and 400rwhp and he has a solid 11 second car if he gets everything down. Gotta up your game. Get a 62mm turbo, make sure the valve springs are good, port your intake, 16930 TC with a 3200rpm stall with that turbo (have to convert the tranny to non lock...not a huge deal)...if they dont ask you the weight of the car, the gearing, the turbo, the cam, etc...dont go with them. But Art Carr's 16930's are hard to compete with. They have such light rotational mass they make a massive difference, get those gears, get an HRPartsNStuff.com anti roll bar, make sure the injectors are big enough (50's or 60's), and get it over with and get an alky kit...no GN should be without it) and slap on some big stickies and you WILL take him if you can drive it with plenty of boost out of the hole and boost recovery after launch (boost controller). Like Ive said in past posts, going from the 16930 TC to stock felt like I lost 100hp.