For the $ you are looking to throw into putting a cobra engine, you could build a bulletproof super or turbo charged 2v.
I would first think about what you really want. Whether it be a mid 12sec DD, a 10sec monster at the 1/4, or a corner carving SCCA/NASA car.
Then look at how much you have to spend, and only used 66% of that. So if you have 9K, plan on spending 6k.
Then take baby steps and increase the power/suspension bit by bit.
If I had 9k, I would look at an ON3 Performance turbo kit, and since I would need a new K-member etc I would look at Maximum Motorsports for a full suspension overhaul and pick up a used midpipe and catback. Dial it in for low boost and save up for beefing up the internals of the engine. Maybe even getting a junkyard aluminum Explorer engine and building that up along side the car and when its done have it swapped in. But I have very little tech skills to do that haha.
That would be about $2500 for the ON3 with injectors, SVT Focus Fuel pump, Better MAF, and upgraded turbo.
I would expect to drop $2500 on the MM setup
Then you can spend the rest on a new clutch, exhaust, short throw and brakes.
A very easy way to spend $7k and I am only talking about parts, not even labor...
You could easily spend $10-15k on a "fully" setup car and I use the "'s on purpose, because there is always money to be spent or things to fix.