This will get an argument going I'm sure, but it's pretty easy to look at Dick Smith's racing record with a 427. As far as I know, he's the winningest Cobra driver ever.
Unless you are going racing for real, I wouldn't worry about any differences there may be. I've driven both varieties and own a 427.
On a short, twisty track, a well prepared (and driven) 289 Cobra will run right with a 427. On a track with long straights, the 427 will get it every time.
For street and recreational purposes, either one will handle well enough to give you a real thrill. Tires and suspension have a lot more to do with handling than horsepower and engine size. Yes, somebody will argue about weight distribution and I'll simply say if you're at a 50-50 weight bias, it doesn't matter what engine it is.
If you're really wanting to push the car and it wants to "push" as the NASCAR boys call it, use the throttle and go back to sorting out the suspension and tires until it will corner without driving off the track.
Just remember, with any light, short wheelbase car and high horsepower, you need an adjustable right foot, that's well connected to a functioning brain.
Like FE's? Go for it and don't look back....except at the smallblock car in your rearview mirror......!
