Also, not sure if this has been stated yet or not but, in 1994 the svt Cobra did not even have an svt badge. 95 got the svt badge on the trunk lid. So that svt badge was most definitely stuck on there by someone.
Some of the exterior differences between '94-'95 and '96-'98 Cobras are the hood (mod motors had the specific hood while 5.0s all had the same, even the V6), rear bumper on 5.0 Cobras was same as V6 cars (just said "MUSTANG"), mod motors came with the "COBRA" bumper, and the spoiler-mounted 3rd brake like on 5.0s with no light in the trunk lid.
Another couple of interesting facts, all 1994 Cobra convertibles were red. All 1995 Cobra convertibles were black.