Not Ranked
Depends on what you want to do with your Cobra replica. If you want to drag race, a steel fly wheel has more inertia because it has more mass and will get you off the line faster. It takes a little longer to spin-up a steel flywheel, though. An aluminum flywheel will rev-up faster because it has less mass and therefore it spins up faster. But, since it has little mass, it doesn't have much inertia and won't get you off the line as fast as a steel flywheel will.
General rule of thumb is use a steel flywheel for drag racing, an aluminum one for road racing. All around driving is a toss-up as far as I'm concerned. All this goes out the window, though, if you're building some kind of monster 650hp+ all out, nail-your-balls-to-the-wall, step-on-it-and-hang-on, drag racer...
FWIW, I asked the same questions of Bob & Dennis Olthoff when I bought my SPF. Their experience is second to none in these matters. Their advice was to go with steel for the above reasons, as a steel flywheel is more durable and easier to find someone to refinish it when it's clutch time.
Of course, that;s my opinion, I could be wrong... 
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Flyin_Freddie
"An opinion on everything...an expert at nothin'!"
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