First off, your car sounds bad as hell. That is some nutty power for a stock motored Cobra.
Do you think something was not set up right in your rear end, and that is why it broke? A 31 spline traction lock, and axles, etc... should keep you safe into the 10's. I guess you'll find out when you tear it apart!
I know what you mean about the money thing. I often find myself spending my last dime on my car.
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1988 Mustang GT
12.0 @ 121 on radials
S-trim Vortech sitting in a box!