I had a 96 Cobra for 3.5 years. It was extensively modifed (QA1 tubular front LCA's, Eibach Pro-Street coilovers, QA1 tubular rear UCA and LCA's, Eiback F&R swaybars, Steeda bumpsteer kit and offset rack, GRIPP C/C plates, Mach 1 SRA, StopTech Track pads/rotors, BBK LT's, BBK catless X-Pipe, Flowmaster 40's with dumps, Canton overflow tank, MSD coils/wires, BBK TB, BBK CAI, Hypertech tuner, wideband, Walbro fuel system, 17x9/10.5 FR500's with 245/275 Falken Azenis RT615K+'s, MGW shifter, Luk clutch, etc, etc). I ran it in my local SCCA region in CAM-C versus previous national CAM Challenge winner Dennis Healy's S550 and won the season (simply because he broke more than I did). I also raced at an SCCA National ProSolo in Packwood, where I placed 9th of 11 in CAM-C.
The Cobra is better suited to CAM-T, simply put I would have won or trophied every single event I entered in CAM-T. It also dynoed at 310 rwhp at only 6600 RPM (redline 7800 but wheelspeed was too high for the dyno). It was also a *terrible* street car. The interior is quite literally crap. All the plastic is cheap and rattles and breaks. The A/C sucks. The seats are stupid uncomfortable. There is no room for anything beyond a highback booster in the back seat. It autocrosses like crap (compared to how it track days, which is phenomenal, and drag races, which was pretty good). I loved the drivetrain and hated everything it was bolted to. The chassis/interior are sorely lacking, being neither particularly good looking (and I personally like SN95's) or quality.
The 99/01 cars have the IRS, but it is a seriously compromised design, and it costs 3-4x what the SRA suspension does . The S197's have a vastly better interior, but it is also pretty terrible. If you want to run a CAM-T car, I would suggest finding a classic you actually like. If you want to be as modern as you can, I would build a fox Thunderbird, especially an 87-88 Turbo Coupe, or an SVO Mustang to start with. The TC is a *much* better street car and actually take a car seat in the back. The SVO is a true fox platform and actually benefits a lot from being light and easier to upgrade than an SN95.