96 cobra no start

12V at what amp? If the ignition switch was bad you would not get 12V to the starter. 12V at very low amperage will not even throw out the bendix.
Does the starter get hot if you try the key for a couple minutes?
I would check the amps, test the starter and before taking it off check to see if it gets warm after trying to crank it for a minute. Take a look at those and let us know.

Is the theft light blinking? You are aware that if PATS is activated on this model year it will disable the starter? This results in a no crank symptom.

I think the next test should be to confirm that the starter itself is good. From the battery junction box, there is a single W/PK wire going to the starter solenoid. Usually there is a an easily accessible connector right at the battery. This offers an easy spot to inject +12 volts directly to the starter solenoid. The starter should engage and attempt to crank.

Optionally, a screw driver can be used to bridge the main starter terminal with the solenoid. Be careful doing this to not ground out the tool. There are no fuses to protect from a major melt down.

Once we know that the starter is good, additional tests will be needed to narrow down where the problem is.

If you need wiring diagrams, I maybe able to help. PM if interested.