Dan,
I have to agree that I think the Cobra would probably be outclassed in true wheel to wheel racing.
Everyones' suggestions have been right on in my opinion. I think you should try the Solo II/autox events first. Yes, as Roscoe said, it is just going through cones (Roscoe, the cones are orange, not pink. The loaner helmets are pink. That's how we identify a newbie

), one car at a time. But it is much more fun than it sounds. It's a rush. The cones are a sea of orange, and it will teach you very quickly how to read a course and find the corner apex, etc....You will sharpen your focus in a hurry. You will learn to control the Cobra at its' edge and know exactly how it will react to what you are doing. It will swap ends, but not as easily as you may think. Like most cars, it doesn't like lifting in the middle of a corner, or applying brakes mid-corner. That will make it swap ends. But you will quickly learn these things. Autox is a fantastic learning tool, and it is cheap.
Once you do some autox events, definitely go to one of the open track schools. There you will get to take the car out on the course with many other cars. Passing is allowed, but only with a "point-by", so you know the person you are passing is aware you are there and will give you room. It is safe, fast and addictive. I was dragged by Club Cranky kicking and screaming to my first event, because I was nervous, but I had a great time. I definitely used many of the skills I learned in autox at the open track, it was just at a MUCH faster pace. I feel more comfortable with the people on the track than I do driving it on the street. At least I know the people on the track are generally skilled drivers, as opposed to the clowns on the street.
Go for it. These cars were meant to run hard!
Steve