Except for a very few, anyone buying a replica Cobra knows what's going on, regardless of what the title says. As do the various State Department of Motor Vehicles!! If they don't "get it" at first they certainly will in time. "In time" that meant that some California vehicles had their titles pulled, some owners were charged with fraud, some went to jail, some had the car black listed and it could NEVER be registered in California ever again. It's pretty serious in some cases to misrepresent the car. To me any car titled and registered as a "1965" makes it worth LESS than if it was titled straight up for what it is, a replica. The reason is because of the potential hassle of sorting out that problematic 1965 date. Who you foolin'? Nobody it turns out...
States vary on the description, Specialty Built Vehicle, Reconstructed vehicle, Street Rod and other terms to describe reality. Haven't seen anybody use "Fakey doo",,,, yet, but that would be fitting.
No impact on re-sale would be my opinion.