A few questions from a wanna be

[Tommy]

RBW,
One more opinion among many:
I've read that the original "427 style" Cobras came with 427, 428 and 429 cubic inch engines. Thus the 427 designation was more about the shape of the body of the car required to handle the big block engines than it was the exact engine within the car. So I wouldn't be too concerned about the engine size, unless the comments of total strangers who wouldn't know a 427 side oiler from a Chevy 327 keep you up at night.

These cars are nothing like modern daily drivers in terms of safety OR reliability. And when it comes time for maintenance, you can't just drop it off at the local Ford dealership for service. Some guys like to do the work themselves, and other find its easier to learn to do it themselves than find a reliable shop that does affordable work. You need to factor ongoing maintenance costs into your decision one way or the other.

There are lots more questions you didn't ask and I suspect its because you haven't thought of many of them. Here's one a lot of people don't think of until after the car is in the garage. How often will I really use it? .... These are good weather cars, IMHO. They're not much fun when its too hot, too cold or too wet. So, to enjoy it you'll need a day when you have free time (e.g., no family obligations), good weather and nothing else you'd rather be doing on a beautiful day with some free time. Add to that the compulsion that many guys have to keep the car spotlessly clean and every hour on the road might eat another hour cleaning up back in the garage. ... When all is considered, many guys end up letting their cars sit for months on end before selling them is low mileage condition. If you are going to be one of those guys, save yourself some money and distress by finding a different hobby.

Good luck in whatever you choose.

P.S. If you buy one, take a high performance driving class so you don't kill anyone.