Not Ranked
For just cruising around, the 408 will be torquier (sp?). But in a stoplight to stoplight race with a 500hp 347, you are going to shift at 7,000 rpm and beat the 450hp 408 every time. Especially in a 2,300 lb cobra where torque is not an issue.
If you are doing any kind of racing or performance driving you would bring that 347 up to 7,000 or why would you have built it in the first place. It will always win. But if you are going out to dinner or to pick up your dry cleaning, you obviously will drive it mildly and not have the lower end torque of the 408.
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