Years ago (1999 or so) I built 2 1993 Cobra's. Both guys road raced and did occasional drag race outings. They were still 100% street cars, licensed/Insured. They were always trying to outdo each other. Which was great for me, as it kept me busy with them one-upping each other.
Short version, with the stock engine, with just a camshaft change, ported stock GT40 heads, stock valves, hand ported lower intake (by me) and Extrude honed upper, add equal length shorty headers, High flow cat X pipe and cat back (All Bassani), a modified stock MAF, stock T-body, each car exceeded 300 whp on a chassis dyno. The Cobra Intake manifold is a good piece. As long as everything else is matched up, it will make good power.
No "chip" stock PCM.