[cobrashoch]

I think if you can afford it the Wilwood kit conversion is by far the simplest way to go. I just went that way and it was a direct bolt up on the front MustangII spindles. I went with the 6 piston, 12 inch rotor setup but of course the 4 piston setups are less expensive. I'd talk with Roscoe if I were you. I went with a hub floater 12 inch setup on the rear and Howe calipers.
Some words of advice to head off future problems though.
MustangII spindles come from the factory in both forged steel and cast iron versions dependent on the year of your doner. Needless to say on a Cobra you will want a forged hub to start with. If you go with a floating hub setup in the rear have your axles checked for straightness and have the ends of the axles machined flat. Of course that means pulling the rear axles out. It's truly amazing how many rear brake rotors wobble because someone thought all you have to do is just put the hub over those lugs and bolt it up.
cobrashock