TERMI Or S195 gt

Its S197, i wanted an 03/04 cobra as well, went with the 07GT and love it.

True a stock S197 is not as fast as the termi, but I wouldn't call it sluggish. Since you are going to put a KB on it anyway get the S197. Believe it or not the insurance is alot cheaper for the S197. I pay pay $520 every 6mths, If I had an 04 termi, my insurance would go up to $780 every 6 mths.

If you are looking to end up with whatever car will be faster, the terminator is capable of a lot more horsepower because of the forged internals. If you are willing to upgrade the rods and pistons in the S197 then you can get roughly the same power as the cobra. It would be much cheaper to get high horsepower out of the cobra. Good luck with your choice.

If you are going to run a KB kit on which ever car you get keep in mind that on a S197 you will need to beef the motor up to get anywhere near what a stock Termi will get with a KB. That answers your which would be faster question. On the other hand my GT is far from sluggish and I don't even have some of the basic mods that take the "sluggishness" out of the drive by wire.
I recommend taking a look at what type of driving you plan on doing and look at the capabilities of both cars and choose the one that suits you best.

i would trade my car for a mystic 04 cobra in a heartbeat.

If your going to supercharge it definately go with the newer model. I just had the same problem this week. I bought an 07 GT but I was offered a 03 cobra. The newer body has a way better frame and suspension and can handle the power better. They made a lot of upgrades when it comes to the frame and everything. Plus in a few years the 03 or 04 cobra is going to be 10 years old already. Its definately a great looking car but if you want my opinion definately go with the new one. And the KB SC can push 650 (for the mammath charger) with no other upgrades. But You should also look at the whipple. I forget the site but they have a whipple with a CAI and New muffler but stock everything else and it runs low 11s in the 1/4 and will last forever. Either way its a good decision. Let me know what you end up doing