The 94-95(5.0) were rated at 240hp but alot made more like 260hp, the 96-98(4v) had 305. The 5.0 cobra has more low end torque but the 4v will pull away uptop. Depends on what you like better. A 5.0 cobra can run 13.9-14.5 generally and the 4v cobra can run a 13.5 - 14.2. IF your planning on keeping the car NA and modding it, I would go with the 5.0 but if a supercharger is used the 4v for sure. Remember the 5.0 runs out of steam after 5500rpm were that 4v runs out at 7000rpm.
If leaving stock, then the 96-98 will be faster. Even adding a SC to a stock Cobra, the 96-98 will be faster. But there is only so much that can be done to a 4.6 motor. A 5.0 can add heads, intake along with the other items that can be done the the 4.6, ie cams, forged internals. The 5.0 would be cheaper to buy & mod.
If leaving stock, then the 96-98 will be faster. Even adding a SC to a stock Cobra, the 96-98 will be faster. But there is only so much that can be done to a 4.6 motor. A 5.0 can add heads, intake along with the other items that can be done the the 4.6, ie cams, forged internals. The 5.0 would be cheaper to buy & mod.
That's about as good an answer as you'll get. The 94-95 are no slouches even stock (mid 14s), but the DOHC Cobras are faster out of the box. While I really like the idea of getting a 93, you do miss out on the SN-95's stiffer platform and the larger Cobra brakes that weren't installed on regular production until 1994. Its a trade-off. Technically, the 93 Cobra R was the first to get these brakes, but the rarity of them drives up the price and of course they aren't very everyday user friendly.
Do a search on 94-95 Cobra's with basic mods such as cam, exhaust, maf, tb, and a custom tune. Obviously a DOHC Cobra can match that as well with bolt-ons and gears but either way, the car's will be quick. If you check over at SVTPerformane.com, there is a guy who has both a 94/95 Cobra and an 03 Cobra (he might post here as well) and has run high 12's at 109 in his bolt-on 5.0 Cobra with stock heads and intake (same mods I mentioned above). Of course I'm sure driver plays a lot in that equation. He has run some impressive times in his 03 as well.