Two of my buddies have KC FEs, 600 and 619 hp. They are easy to drive around town. I would strongly suggest you go with Keith's 550 motor. You will not regret it.
It's a great motor for a Cobra.
And you don't burn the tires off unless you put the pedal to the floor
For the record my Cobra has a small block but I love driving Coach and Lainhart's Big Block Cobras.
Dwight
Every Cobra "needs" 500 plus HP