[HoodStrype]

First, If it's a true cobra, it has a DOHC (I think that year did), a different hood.
Check for bondo. Use a magnet if they'll let you, or knock around on it. Should sound hollow. Where there's bondo a magnet won't stick as well or at all.
Look for rust anywhere, under the hood or in floor pan not good. I ran across a 90 GT that had been flooded. Rust all over the engine, and a dirt line around the inside of engine compartment.
Look under for the factory stickers by the radiator or on the hood. If they aren't there it's been wrecked. Body shops are not allowed to replace these.
Most of all... Drive it! If it's not crisp, sturdy, and if it doesn't put your a*s in the seat don't buy it. That's a pretty fast car from the factory. If you've never driven anything but the v6 model, be damn careful. Rain = No good for those new to horsepower. Be careful pulling out and letting off the clutch too.
Try all of the power accessories. Windows/wipers/radio/seats/air conditioning/heat.
Listen for ticking sounds under the hood.
Look for oil spots, and wetness on the exhaust, chunk, and headers. Check the oil dipstick for water, or a milk colored nastyness.
Hope this helps! Good luck!