That car used to be local around my area. Back when I was in high school, this was a pretty nasty car. A lightning 351w shortblock, twisted wedge heads, with an X cam and a tremec. That was about 10 or 11 years ago. It was around Sherman TX.
I've seen it clean up on the streets.
It popped up here in a local police auction a couple months ago, and the same drivetrain still seemed to be there.
Oh, and according to the VIN it is a real 93 Cobra. This paint is at least 11 or 12 years old. When this car was painted, a it was only a few years old, it was not as collectible as it is now, so it was viewed as no big deal to paint on it.
BTW, I would roll that car in a heartbeat! That is one of the cars that made me really interested in Mustangs. You know that one car you really remember that made you take notice in Fox bodies? For me, it was that car.