Before you dismiss VWs altogether, consider a Porsche 550 Spyder replica. It's a lot closer to a race car than most replicas, and can be made to be very quick. It's not a Cobra, but just as raw (and fun?) for a lot less $$. Check out
www.spyderowners.com, www.spyderclub.com, and
www.speedsterowners.com for info.
You can occassionally find a used one in the price range you quoted. You can get a new turnkey for ~$25k.