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There are three major factors that will determine a Cobra winner here.
Obviously, driver experience will play the major roll as noted before. The Cobra is a real workout to get anywhere near the last 15% from, the ZO6 can get 95% with minimal effort. And they can drive home at the end of the day.
A properly (read major race setup ) Cobra vs a pretty much stock ZO6 is a must.
And the nature of the course being run. A twisty short course like NHIS or LRP up here in the No. East favor the ZO6 with its superior handling. Brakes can be a toss up if the Cobra owner has spent enough to get it right. But a strong Cobra will blow the ZO6 away on the straights. I know of a few turbo Eclipse's and RX7's as well as a very well set up 260Z that will smoke a Cobra on a tight course.

I run my FE car hard on the track, and have reasonable experience (nothing like a real pro, but better than most open track guys) and I can beat most ZO6's I have come across. There are a couple of guys in the DC area with well developed C4's that can run me over sometimes, and vice versa. I'm sure there are plenty of others, just haven't run into them.

Don't bet the farm on the Cobra, mostly it's a bunch of wishfull thinking.

Don