All good points were made here concerning Big Block, Small Black, Alloy, and Fiberglass. But the one thing you haven't mentioned is what you want to do with a Cobra. Are you a competitor or are you gonna throw a lawn chair in the back and do the show thing. Are there plans for some long trips?. If so gas mileage is an issue as well as how far on a tank you can go with a big block.
Either way these cars are a hoot to drive and they command respect regardless of Big or Small Block.
Hersh