The gears you want for your Cobra are 4.10s or 4.30s. Lower ratio (higher numerically) gear sets make it so your wheels rotate less times per engine rotation.
From a technical speaking standpoint, they increase torque multiplication, control engine speed within the powerband better, and they allow you to get into the powerband from a dead stop quicker. The Cobra is a high revving, high horsepower engine. To take advantage of it's high rpm capability, you need to get into the powerband as quickly as possible, and stay in the meat of it as much as possible during a race. Gears allow you get there, and when you shift, they'll keep your rpms up higher. There will be a very significant increase in performance from off the line, all the way through the 1/4 mile. As far as top end is concerned, neither gear should hinder you in speed. Your car will actually top out in 4th gear with stock gearing. With 4.10-4.30 gears and traction, you can expect to drop several tenths in the 1/4.
I will make the suggestion of some good quality springs (to reduce wheelhop), and some better tires like drag radials. The 99 Cobra's IRS is a bit on the dainty side, so the other members will have to advise you on how reliable the stock IRS is with drag radials. I've heard of people blowing them out.
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