Ok, these are not top fuel dragsters where you can go WOT off the launch (unless you have a wheelie bar, ofcourse). Which I am going to guess you didn't. So therefore, a .47 reaction time is damn good! Was this on a pro tree or a sport tree?
Another thing, with 14/42 gearing and knobbies, it sounds like you set it up for trails. Stay away from drag racing your banshee! You will get addicted and have to go to BDRA (Banshee Drag Racers Anonymous).
But if you must drag it in the 1/8th, sounds like you would be best with 15/42 or a 15/41. This is only because you didn't tell us your mods on the motor.