Community Forums:

Unfortunately, your desire for low profile (~55), high speed rating (~V), stickiness, and ability to cope with ~400 hp, is easy; but matching it to a ~$70 tire is next to impossible if you want quality. You may find some brand that claims to offer a tire you're looking for, but given the horsepower, I expect that you aren't going to drive like a grandmother going to church on Sunday -- so you should be looking for a trustworthy tire (for the sake of your, and other motorists', lives).

If you are willing to expand your price range to ~$120 each, however, I can personally recommend Michelin Pilot Exalto PE2 tires.
I've got them in that exact size (205/55-16), on Hydra's, in a W (higher than V) speed rating. They're fantastic -- sticks like glue, very aggressive tread (and has "wheel protector" beads), and reasonably quiet. They're second only to the Exalto PS2 (which isn't available in 16" size) among Michelin's self evaluation.