The Mach 1 engine will make slightly more power in the lower boost ranges because of the added compression (10.5:1), but unless you're running a steady diet of race fuel to go along with said compression, you're not going to be able to push the short block much beyond the Eatons stock 8psi anyway. In which case the Cobra's short blocks going to have the advantage both with the forged internals and the lower more boost friendly compression ratio (8.5:1).
Cobra vs. Mach 1 @ 8psi and blow = advantage Mach 1
Cobra vs. Mach 1 @ 9psi and avove = advantage Cobra