ERA as a brand is iconic enough within the Cobra community that punctuating the letters on the fender badges may not be a necessity, but non-enthusiasts may read the brand name as the word "Era". I suppose Bob will decide whether that issue overrides the cleaner aesthetics of the non-punctuated lettering.
Looking at the options again, I was compelled to to one more adjustment to #2, bringing the lower leg of the A closer to the curve of the R - just to see how it would look:
