The law is complex. Read the following on the CA DMV website
here
I will quote the 2nd paragraph:
"Specially constructed vehicles do not have a manufacturer assigned model year because they are esentially home-made vehicles. In the past these vehicles were subject to the emissions control requirements applicable to the year of the engine installed in the vehicle and the regular smog inspections per the county where the vehicle was registered. The year of the engine was determined by a Bureau of Automotive Repair (BAR) referee during the initial inspection. "
Since the Cobra we are talking about has a Ford FE 428 engine, it has to meet smog requirements for the year it was made (in the 60's). So it "may" be fine that this car has a 65 Ford title. Most other replica's have engines which were built recently (within the last 20 years).
Howard