That said, todays boss blocks, at 427 ci are hard to beat. Inexpensive to build vs the FE's.
Order one up from Ford at $10k and you have 535hp, $15k =600hp.
A Robert Pond 427FE at 600hp=$20k
500hp in a SB 427 in a Cobra, would be sick. The originals had 425 horsepower in 2300-2400lbs, don't know what the Factory Fives weigh, but if the chassis weighed the same, you'd have 75 more hp with 100-125 lbs less weight. You'd go from about 5.5 lbs per hp to 4.4 lbs per hp.
His car is almost identical to this one, even the color:
http://www.hotrod.com/projectbuild/hdrp_0512_cobra_crate_test/