Not Ranked
When you finish, your car will be worth more without the engine than to have the non-Ford engine in it. I say this and I work for General Motors.
Also, I recommend that you check out using the seach function some of the Autocross threads in Club Cobra. If you want the best possible Autocross car, the Cobra is probably not it. If you set the Cobra up for competitive Autocross, it will be virtually undriveable on the street. If you do not mind not being at the top of your class, then you can make it street driveable and have lots of fun at Autocross.
If you want to be the very best in time trials, then you will build and set up your car differently than street driving or Autocross. You might also check out some of the threads on time trials. Many tracks will require modifications to original Cobra specs to race or time trial. For example, the Cobra roll bar will not meet technical specs. You will need a taller, stronger roll bar with a front extention on it as well for passing technical for some uses.
FFR has a kit for a spec racer. Others might be able to suggest other manufactures. Good luck.
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