Not Ranked
Without a HP target it is simple, a used running engine that you can buy cheap. Most likely a 4 banger would come out on top.
But I think you meant building an engine worthy to go into a Cobra. A 460 is going to be hard to beat. With a little work and few parts it is not hard to get 400+ hp out of a factory engine. A little port work, cam, intake, and carb should get you there. If you start with a decent engine you could get there for about $500, with a little swap meet shopping. With that said, I doubt I would go with a 385 series in a Cobra. They are very big. I have seen them and road in one that blew my mind, but I have to believe it would be difficult to work on.
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