Snkbte
Hi and welcome to the Australian 'clubcobra' forum.
From this point forward, just look out the window when someone calls. If they have white coats on don't answer.
My thoughts - my $.02 worth..
The LS1 option is the way to go, at the moment as the engineers and the registration branch in N.S.W appear to accept this configuration.
The LS2 is an option, but I feel you should talk with "Justbetter" as Garrett will give you an indication of the option to increase horsepower and at a reasonable cost.
So my thoughts here are to run with the LS1, get registration and then play. This will be well under the purchase of the LS2 if and when available.
The CR kit is very good. I have had the opportunity to check Aussie Mike's CR out and think the kit is excellent. I see Aussie Mike has come onto this "Thread" so you are right here.
In Melbourne Doug Pearce is involved in completing Cobras and painting them. Doug recently painted my Cobra - see gallery photos.
Doug will be at the Cobra Nationals in Goulbourn in early October. So I suggest that you meet up with him there.
Use this forum - particularly the "ALL COBRA TALK" to ask any questions as you progress. Don't forget Aussie Mike and BOXHEAD.
Again have fun. Hope to meet up with you at the Nationals.
Cheers
Bernie