Hi Mike,
We haven't quoted anyone on a full iron 427, so that must be something Newport Shelby Cobras would build for you elsewhere.
For not much more money than you are talking about, we could build you an FE with an iron block, Shelby aluminum heads, Shelby aluminum intake manifold, Shelby roller rockers, Shelby timing cover, Shelby water pump, etc., dynoed and tuned in-house on one of our dynos. You could purchase it through your Cobra dealer.
We do build engines for the new Cobras (literally hundreds to date) and have a wide array of them available. We have some standardized combinations, and we build custom engines to suit the customer's needs. We do everything from Holleys to Webers, various compression ratios, flat tappet or roller camshafts, cast or billet steel cranks, custom bore and/or stroke, and more.
Please contact us or your Cobra dealer for details!
Chris Weisberg
Carroll Shelby Enterprises
(310) 538-2914