new on the block a few questions......

since you are going to be getting aluminum heads anyways, i'd say pass up the cobra and buy a gt. Get a Trick Flow or Edelbrock Intank, 3.73's, Trick Flow, AFR, or Edelbrock heads, nice cam, and full exhaust and you'll be in the 12's

Welcome to the boards..

I have the ford racing 345 hp engine(times in sig), but it has a stock bottom end. If your going to be paying full price.. i would look into dss, and go with a 331 or 347 long block.. Go with the tremec, and beef up the rear end like u said.

I would get a GT, and put the extra cash towards the engine build up..

About the suspension, you need to decide whether the car is gonna be a corner carver or a street/drag car. If your into drag racing, i would look into some good drag struts/shocks and control arms. I have lakewood struts/shocks and im very pleased with them. I dont know much about the good suspension goodies for corner carving so i will leave that for someone else.

With some sticky tires, a decent head/cam/intake package, gears, and practice 12's will not be a problem.

Sounds like a plan to me. Buy the GT, cheaper and you'll be changing most of the parts that sepparates a cobra from a gt anyway. Get a decent cam, heads and intake and you'll be in the 12s if you get a good tune.