Greg,
Both motors will make way more poweor and torque than you'll be able to hook up in a Cobra. The FE is more authentic and will likely improve the value of your car I think. Also, the aluminum motor will be lighter and improve the balance and handling of the car which is a plus. Someone else in the thread also suggested that you apply any $$ you might save on the 482 FE toward Fuel Injection. I would encourage you to consider that route. Beyond the appearance, you'll gain improvements in drivability and overall performance fromyour motor with EFI. You can also look at things like Electronnic Traction Control which are available with some of the recent EFI computers. Keith built the motor for my Cobra - its a 482 FE based upon a Shelby aluminum block and TWM Fuel Injection. Attached are some pictures and performance information.
Whatever you choose, I think you'll be happy with Keith's work. Best of luck with you project.
- Fred