[Rick Parker]

I agree with Olddog, the valve shows no evidence of being struck by the piston, except it looks like the piston may have been cracked for some time, waiting to break loose. The fractured area looks to be quite dark, it may have already been cracked, it is not not bright like you would expect freshly exposed aluminum to be. one more thing, in picture #2 the manifold is discolored or stained for about 2" near the head mating surfaces. Is this from the coolant you spilled or has there been standing moisture on the manifold in the past?
Unfortunately it would appear you are in for a major rebuild. After it is done you will have a bullitproof ride. This is an unfortunate initiation to the Cobra world but in reality it was nothing anyone knew was going to happen other than Ford. Based on past performance it looks like a poor piston design. The heads appear to be GT-40X "Turbo Swirl" heads.