Actually my first car I was on my own insurance, it was a '67 GT coupe. I wasn't allowed to have a liscense until I had a job, and I had to pay for my first car (well to be fair, half of it), AND I had to do all the work with my step-dad to mod/restore it. I paid my own gas as well.
Also for your example.... if you compared a 98 cobra and a 98 GT then I would bow down to you and recind my earlier remark. However when you take a newer GT and compare insurance to an older Cobra... duh...
Hang around here a bit longer before opening your mouth. Only I am allowed to say stupid **** this week... maybe next year will be your turn.
HOSS, as allready mentioned you need to figure out what you're going to want the car to do. If its gonna be mostly street then I'd lean towards auto-x components. If its gonna be mostly track (which it doesn't appear that you will be going that way) then go for drag stuff... However I'm going to guess that its going to be a DD and see the track 1 day out of the month IF... in which case mod the front end suspension up for auto-x-ish stuff and leave the stock rear springs alone... (OK heres the disclaimer, I've only recently started even glancing at the suspension stuff, so I'm WAY far from a guru here)
The most important thing is that you don't buy Grannatelli