I haven't seen this particular car but the price seems fair. I personally do not like a Cobra with a Chevy or other power train. As good as the 350 Chevy is I would have to go with a Ford Engine.
That being said to answer your other questions;
I have owned mine for 13 years and I have never worried about someone stealing my Cobra (I have a kill swithch and pretty good insurance).
The only three people that have been burned by the side pipes are my wife, my mother and I. The women were only burned once and my wife still rides around with me. Me a few more times
Additionally, not worried about litigation issues
The resale market is not as agressive as it has been in previous years but there will always be a market for a well built and maintained Cobra
IMO Buy the Cobra and join a club and when the opportunity arises put it on the track to get some experience. You won't tear it up but you will gain some valuable experience even if you are just doing lead follow.