You are better off swapping the lines off your original axle onto the cobra axle, and purchase some 94-95 Mustang rear soft line brackets.
The 96+ Cobra axle uses 2 rear brake lines that are body mounted. The 94-95 Mustang uses a single body line like the fox mustang that runs along the axle and splits there.
So take the axle-mounted lines off your current axle, mount the 94-95 mustang rear axle brackets to the axle, and then a set of adapters to connect up and good to go.
The rear soft line brackets i am referring to look like this, and bolt up tothe shock mount. The 96 axle should have the mounting holes present already. These are available at most parts stores