Turk,
You have the same idea I have had about a cobra but I don't have the car yet although I do have the engine. I have been running a 427 on the street for about 17 years. I started with a medium riser with a tunnel wedge 2X4 intake and a pair of 660 center squerters in a 69 Mach 1. I eventually ended up witha 427TP with Dove heads and a 2X4 tunnel port intake with a pair of 800 double pumpers. I always used a 427 crank, lemans rods, TRW pistons, SO block, solid lifter cam.
I have had alot of problems with the Dove heads, they leak water, the aluminium is so soft the helicoils often pull right out of the heads at far below Dove's recomended torq specs. The key is to not make things to mild and to get a good engine builder. A fast long living 427 is possible but requires alot more attension to detail than most other engines. For example definately use correct torque plates on the block because the cylinders move alot.
In one of my bad experiences with a machine shop they honed my block without plates and the cylinders were round when the heads were off but were .017 out of round with the heads and I kept getting odd wear patterns in the cylinders.
Food for thought, I did read an article several years ago about J. Bittle of Bittle performance had a 427TP with 2X4 and a 428 crank with 10:1 compression in a Boss 302 that was street driven and ran 11's in the quarter.
My 427 has a big solid lifter cam, 11:1 compression and has a power range of 4500 to high although I shift about 7800. You can e-mail me if I can help you any at
AACDRP@megsinet.net
Doc