Nitro tc3 with a '03 fantom FR15?
Yeah, sounds liek a good setup, if you mean the team kit, and not the rtr. The engine should work nicely in it, should definitely be fast, I can tell you that a Picco P15 in a NTC3 Team Kit runs VERY fast. Fast enough to blow the doors off my SS, thats for sure.
As far as the Mugens and such, unless you are a hardcore racer, i wouldn't bother. Yes, its a better car (as Casey will no doubt come on and point out ad nauseum) but the NTC3 with a good engine is easily competitive, especially in the hands of a good driver.
I gurantee you, if you run that combo and lose badly, the problem is your driving, not the rig.