Sloth - I don't know about old hand! I've only been playing with performance V8s for 10 years. Every time I speak to Tony from TOCA Performance in Brisbane, I go away having learnt something new. He can build you a killer Cleveland combination. His number is (07) 3290 1606. The work that he's doing with custom sheetmetal intake manifolds, completely revised oiling systems, race cylinder head portwork etc is second to none. The next Cleveland I own will be built there. He's not the cheapest engine builder, but if you want the right engine - first time - he's the one!
I had another RMC Cobra previously, and it had a $20,000- 351 Windsor in it - built by a well known Pro Stock racer in Brisbane. I believe that TOCA Performance can build more horsepower into a Cleveland for $10,000 than I had in my $20,000- motor.
You were wondering about a 428. If you are building a car that you want to truly duplicate the look of the genuine Shelby Cobra, then you might consider an FE motor (390, 427, 428) You can put a 428 crank into a 427 block for 450+ cubic inches, but other than a guy that regularly advertises in "Parts Peddler" magazine, there aren't many readily available quality parts for these motors. Certainly not at a reasonable price anyway. If the sky's the limit, you can build a duplicate of David Salkowski's black ERA Cobra in Kit Car Illustrated. His all alloy 427 stroker would easily owe you over $50,000- landed in Australia.
If you want a big block just for it's effortless performance, a mild 460 would be the best option IMO. On the main "All Cobra Talk" forum there have been numerous arguments over the merits of a big block vs small block. Search through there for some other opinions. Me? I went for a supercharged small block. Lighter weight with more power than a big block. Best of both worlds