Hi Andrew and welcome.
There is a lot of stigma around Crown chassied cobra's and rightfully so, there are/were some pretty ordinary ones out there, but there are some fairly good ones as well. Early one had bad bodies and ordinary chassis mods where later ones where much more thought out and better bodies, eg G-Force and a few others from WA that copied their bodies. You just have to make sure it is one of the better ones.
Depends on a lot of things as to whether this is right for you. What do you want out of it? A balls and all terror or just a street cruiser that will be fun on a the odd track day?
If your after something that you can build up to a to a high end, street/track performer and want a good return for it when time to sell, then probably not. If you’re after something that you can get into reasonably priced, work on to personalise and have a good weekend toy, then maybe. But like I said, only if it is a reasonable one to start with.
Is this the car?
It looks like a good starting point. A few things to be aware of;
First and foremost, is it registered and has all the engineers paperwork? If not, run away.
If so is it registered in you’re state? This will make life soooo much easier.
This car is Vic but you haven’t put you’re location in you’re profile.
Check out how the chassis was shortened. You say it is a full chassis but 14” has to come out of them to get them the right length. If you need to know what to look for I can send you pics.
Check out for extra chassis members for strengthening.
Check what rear end is used, original Crown or upgraded.
If you’re on a really tight budget, it could be worth looking at if it is well built. If you do a good job on it, someone will buy it if you get bitten and ever want to upgrade.
I have one that I built, and being in the cobra scene since ’89 I have seen many. Mine is the only one I know of with independent rear end. The chassis has extra members and looks similar to G-force MKI, RMC MKI and Wooley/Evans chassis.
As the front suspension is installed as it was in the Crown, there are no bump steer issues unless you put big camber and caster angles into it.