I thought that I would "Save Up" for a Cobra too, but I found that I don't have that kind of self control.......
What I ended up doing was buying parts as I found good deals.
E-M frame $600
Jag IRS $500
428SCJ $900
Top Loader$500
Trigo wheels $2000
Etc.
As Todd said, you do have to be careful not to buy things twice, I did that with the IRS, the first was not a posi. Also, I'm big on doing things myself. Rather than pay a shop $400 to have my intake polished, I spent $100 on a buffer. My method is slower, but it's alot cheaper and I enjoy working on the car.
If you would like to see a build in progress feel free to stop by sometime. I'm in Sunnyvale near Lawrence and Homestead.
millersusan@email.msn.com
-Jon
P.S. I did the master bath myself too complete with granite tile, jetted tub and TV. A happy wife is a good thing......