Colin Comer told me that the blue/white one was correct. I thought the orange Hi-Po one was correct because I have never seen the blue and white one on a Cobra. When I asked Colin, he said, "the decal on CSX3127 is the correct one". For the detail of that car and being at auction (and his knowledge), I am assuming he is correct, but I wanted all of your input as well on what you have seen.
The blue and white one is always listed as a "1967" air cleaner decal.
Here it is on a '65 427:
Russo and Steele - Collector Automobile Auctions