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I have a Tremec 3550 in my 67 Shelby and have plans to put one in my Contemporary Cobra. The back of the Tremec needed to be lowered about an inch and the tunnel massaged in order to fit it, this should not be an issue on the Cobra. My drivetrain angle went from 4 degrees to 5 degrees. More important is the u-joint angle, mine are at 3 degrees for the front and rear u-joint, that is the max acceptable angle they can run at (there is also a min angle). Moving the tailshaft location in the Cobra is a bigger deal because the driveshaft is so short, even though it doesn't move with the suspension.
My shifter location is about at the stock height, which means it will be about 1" too tall in the Cobra. You may be able to hide this in the boot if you reverse the screws on the shift stops and trim the bolt ends that now protrude outward. Some jute or foam padding and spacers can also be used to move the trim rim up rather than using a larger boot. There is also the mid-shifter position that can be used with a Hurst shift handle that may put the shifter in a taller part of the tunnel. I am not there yet, so let me know what works for you!
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