these horsepower numbers are just guidelines. many many factors play into what can handle what. is it FI or N/A what type of FI if it is. it has to do more with cylinder presure than horsepower it's self.
to answer your question. NO the stock mach 1 can not handle the power as a 03-04 cobra motor. the cobra motor has forged pistons and rods and a lower compression ratio.