$50 an hour....man they work cheap in Vic. best bet to get a cheaper paint job is try and befriend a painter who is happy to guide you through the prep process, and then paint it for you.
I enjoy the body work, but it is not easy to get right and takes a lot of time. I bought some AFS (adjustable flexibility) sanders as well - youll notice there are no flat surfaces on your cobra. Sambo is right - the FF forum has great info on bodywork.
http://cgi.ebay.com.au/Set-of-5-FLEX...QQcmdZViewItem
Cheers.