You can't use the Cobra MC. It's bore dia is too large for your brakes. Your braking effort will increase by a lot.
Why not stick with a 85-86 MC that is stock to your car? There is no benefit to changing MC's. Nothing will improve other than the amount of work you put into adapting fittings and such.
You can easily bleed the brakes the conventional way and get a good pedal. I bleed my brakes all the time ALONE with the traditional bleeder screw and bottle method. I get rock solid pedals each time. It is much less work than adapting a newer MC into the car.
BUT, if you really want to do it, you'll need the 87-93 GT MC as the cobra one won't work. A 87-93 prop valve would make things easier as well as the lines between the PV and the MC. Then, you'll need to make a new brake line from the driver's front wheel to the 3rd port in the MC, and then come up with adapter fittings for the 2 remaining lines to join to the bottom of the 87+ PV into your car. Like i said...easier to just get a bottle and clear hose and bleed the old fashioned way