I remember that anecdote, too, Cal...but is was more for the 'name' of the car, than an actual car...
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A popular story is that this name came to him in a dream, but more probably he remembered it from his early racing career when lightweight, sheet-steel copper-brazed engines were used (like in the Mercedes 300 SLR). Fellow American Powel Crosley was the first to take this type of engine into production in the early 1940s and he named it "COBRA" (short for copper-brazed). Engines manufactured accordingly usually had COBRA stamped on the valve cover, and that's where Shelby might have picked up the name.
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