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I know that it's sacrilege to use GM parts in a Cobra. But, I put C5 Corvette independent suspension in mine. The parts are aluminum. The geometry is great. And the rear is a double wishbone design. I would describe the handling of my tribute Cobra as extremely good.
The one thing about the C5 diff is that it bolts directly to the transmission. The Vette runs a transaxle. This will not fit in a Cobra. On my car I designed and had made a new input shaft with front plate that bolts to the Vette diff. This let me run a driveshaft. If I were to use C5 suspension now I would use the center diff from a new generation V8 Camaro.
The comments about running a rear sway bar only are correct. Generally if only 1 sway bar is run it is in the front. A rear only sway bar will tend to cause the car to be loose/oversteer.
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