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In addition to the above mentioned things, take look at the differential and go with something in the 3:54, 3:31 to3:27 range.
If you keep the rpms down you will get better gas milage. A 427 running at around 2,000 rpms will have more than enough power move a cobra. Do not run the car at 5-6,000 rpms, no real need to on the road.
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