whats the correct timing for 95 cobra?

The spout is a little gray plug on the passenger side by the airbox

Its plugged into a black plug and there are no wires coming out of the gray part. just pull it to make sure the timing is right.

I think 10* is factory.
 
If you found it on 26 when you first checked it .........

I'd have to throw in with Ben & JT about the hb may have slipped a bit.

Not all that uncommon with our 94-95 Stangs.

If the hb is good, seems like you woulda been dealing with the ping thing at a setting of 26 :shrug:

Grady