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Any 302 based engine is a great choice in a cobra. We had our builder do a 331 stroker with a sportsman block, scat forged crank, World Products Jr. aluminum heads, vic jr. intake, hyd. roller cam(.555 lift, 238 duration), and a qwik fuel 750 holley. It made 450hp at 6400rpm on an engine dyno. It idles at about 1100 and runs excellent in a lightweight car like the cobra.
I'd say the 347 from ford would be a great choice for your cobra. Good luck in the search for the perfect engine.
Glenn
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