Hey Noel,
Welcome to the insanity
I was in your position this time last year. The best thing I did was to hang out with these guys and ask questions. There are lots of variety here and plenty of guys that are very willing to help. I started out wanting to build a FFR and found out that it was not really for me. I found out that the average is about 18-month build and $30-35k costs. I went with Backdraft Racing for a sans engine/trans cobra. On paper it was a hands down decision. They offer a car that is a little easier to get in and out of and is said to accommodate most anyone 6'-4" tall. The car comes with lots of great features, but I am not happy with the fit, finish and some of the install work. I still think it is a great car and very comparable to the Superformance. However, the Superformance displays a better fit and finish. I believe I will spend an extra $1k getting those kind of details addressed.
I went with a stroked small block 351/393. In my view it is a better fit for the car. Against a big block you will have snappier response, a little better handling, better gas mileage and plenty of torque/horsepower to propel a 2300lb car beyond most any guys limits of performance driving. I am not knocking a big block, because they are awesome in their own right. To me the extra cost is not worth the only 2 real benefits. Big cubes means big torque, which is difficult to handle at any speed below 30mph. The other benefit is they are simply impressive and closer to what helped make the car famous. FYI, I built my engine for approx $6k and if everything goes right
I will wind up with just over 500t/500hp.
I looked around for a used Cobra and did not have any luck finding what I wanted. I believe this is the best route and as they say the biggest bang for the buck if you can find what you want. Again, hang out with the club. You usually can't beat experience. Good luck and enjoy the pursuit.
Jeff