Hmm... Wildy entertaining conversation yet again.
The 96 Cobras are cheap. You can easily get one for $13k.
http://www.edmunds.com/used/1996/for...ang/index.html
That all depends on the area of course.
Changing the ring & pinions does do alot. I don't know whether its like adding 100hp though. My friend is having his tranny race prepped & his rear end swapped to a 4.56 from a 3.59. The only bad part about swapping the rear end is your gas mileage goes down the crapper. He's gonna be lucky to hit 10 MPG.
You guys need to meet up & race. Hell I'd show up to witness it. Setup a time I'll bring the digicam...........