Hi Craig,
Since you live so far away, I'll make it another long reply if it helps. I'm about 2hrs away from the car. I have a day off next week, and if you get really serious about the car, send me a PM and I'll grab my buddy and go look at it for you as a fellow CC member.
As for your question above, I probably should have made that into two separate sentences and not to appear related. There is nothing wrong with the chassis, etc. The challenges my friend has come up with over the last decade have been in the pursuit of making it a better car. He has ended up replacing certain things that can wear out or just need replacing due to the need for improved function. Jamo mentioned one of them... Challenges such as fuel cell replacement if it has one of those small 10gal center mounted version L-shape aluminum fuel tanks or the bladder style tank low in the back if it has on of those. And, other things such as replacing gauges that break, latches on the hood or fixing where the hood latches lock in to the body, rebuilding the Jag rear end differential, and/or replacing rear shocks and springs, or completely replacing the entire front MGB front suspension with a modern setup some of the guys put in them with an entirely new cross member, or adding a rollbar, or rebuilding the brake/master cylinders that are old and tired. Or, some guys want different wheels and there are tire/wheel limitations on these version cars since you run a wide wheel on front and rear. Many came with 15" diameter and 14" rears and 12" fronts and ran 295/50-15 rear tires but 265/50-15 fronts and these sizes are becoming rare, so be prepared if you don't want the older 70s webbed wheels on there; which I kinda like since they were period correct for that car when it was built. I'm goofy, I'd keep those on there since they were a popular 70s wheel back then and sorta fit THIS particular car.
What I'm saying is this. Entry cost might be good, but be prepared to throw another 10k in the first 2-5 years easy just for overall the mechanicals if things are worn out and be prepared to spend a few years wrenching on it over time. Or, if you get lucky and someone has updated the car a bit over the past decade, OR, maybe the car was kept in good condition and does not have old/rotting wiring. You might be okay in some areas but I would be prepared to do at least refurb work here and there to bring the car up to date if you want something fun and solid to drive with working electrical and instrumentation, etc.. And, the worst option is buy it, run what ya brung and don't worry if its a rattletrap and just cross your fingers and hope the brakes work! - but I'm not recommending that either; I've seen some guys do this too. And, if you "run what ya brung" at least be prepared to carry a small toolbox in the trunk for at least the first year, and get a towing card from your local tow-insurance company till the car slowly gets sorted back out. Hahahahaha - its an old Cobra!
If it were me, I'd buy the car, and tear the whole thing (entire car) apart day-1 and just go through it and turn out a rare and interesting gem that is legendary to the custom Cobra builders world. I like them because they are unique and different and not cookie cutter, but maybe that's just me.