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I went through the same dilemma about 6 months ago. To me, it came down to how close could I get to an original Cobra on my budget. The dream is an original Cobra and probably to have owned it in the 60's, but that dream was not possible at that time and is out of reach at this time, partly based on the fact that I would not own a Cobra, or any car, that cost that much - let along drive it.
I dealt with the used market, quickly finding out that there are top tier builders - based on attention to detail and closeness to the original. "Options" came next, just as are considered when you purchase a new car. If your budget can handle a 427 side oiler - get one with the 428 FE an alternative and a little less expensive. It's all less expensive as you go down from there, unless someone has done a real number on a "new" engine.
I ended up with a 428 FE engine and real Halibrands - life is good.
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