Scattershield? - YES
HP? - the more the merrier!
No matter if you get 400, 450 or 600 HP, you will want MORE eventually. Trade off is drivability at low speeds and high idle speed. The 400 HP should suffice for the first 6 months - hehe
Vinyl or cloth top? - Neither. Forget the top. A Cobra is a convertible. If it rains, you get wet. It takes at least 30 minutes to put it up, and its a bi**h to get in and out. Truly a waste a time and money. Use the $ for more HP
Congrats and enjoy