Sounds just about right for your motor combo in a Cobra.
My brother used to call my dyno the "dream killer". I'd get Cobra guys with big inch 427s and big stroker Windsors come in and not even break 400 rwhp.
Of course, 9 out of 10 of them needed some serious tune help. A/Fs all out of whack, timing not even close to proper. Funny thing is, people will spend 50 grand or so on the car and not want to spend a few hundred to make it run right (and safe!).
You did the right thing. And think about this.... can you think of any part for your 331 that adds 20 rwhp and only costs $500?
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Sal Mennella
CSX 4241, KMP 357 - sold and missed, CSX 4819 - cancelled, FFR 5132 - sold
See my car at CSXinfo.net here >> CSX 4241