Prospective Buyer Needing Advice

I'm going to be in the market for an 03/04 Cobra and was wanting to tap into the think tank here. I've been reading a lot about the 03/04 Cobra and have fallen in love with the extra bits, I absolutely love the fact that it has a 6 speed, independent rear and a supercharger as well as the beastly look. I don't know why Ford couldn't keep that up (IRS etc.) on the new ones but that's besides the point. I was wondering what to look for in a Cobra, what are the sticking points, can I tell if it's been beaten to a pulp, are there any mods that I should steer clear of? That sort of thing. On a side note, does anyone know if this car can be turned into a Shelby Roadster with a kit from someone like Factory Five? If that's blasphemy, sorry. Anyway thanks for the advice and helping me get rid of my terrible Silverado.

Wow, that's a lot of information to go through but it looks like it is well worth the time. I have another question about the prices of these cars though. I've been sifting through ebay and other online sellers and the Cobras seem to be going for 20-30K, I was wondering what prices you guys think the car will be in a year to a year in a half. I thought the price would have come down more since the new body styles came out, although I understand just how special a car the 03/04 cobra is. I know you guys arn't mind readers but I'm curious to know what the prices have been the last couple of years, just so I can set up a trend. Also, I'm fairly certain that the car is rated for premium gas (93 octane). I may be wrong but if it is will the car run well on a lower octane for every day driving or is going a little cheaper on the gas a terrible idea. I drive a 2000 Silverado with the 5.3L and I know that gas is steep, especially when filling my 26 gallon tank. Anyway, thanks already for the timely responses and great information.