I don't own me a Cobra, but I've got the GT and I've read a lot of posts on this. (If you search you'll find more info)
95 Cobra was rated at 240 HP,
The Mach 460 was available (if not standard ?)
Came with different front, round running lights, and the "V6" rear bumper.
The 5.0L engine had the GT40 Heads, Cobra upper and lower, a 65 mm TB (I believe?), and bigger front discs.
That is all I can remeber right now. As far as 1/4 mile times, I'd only be guessing.
A great car with a lot of potential. I know I'd can my GT for a Cobra of the same year

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White 1995 Mustang GT
Dynomax Cat-Back, Offroad H-pipe, K&N Filters w/o Air Silencer
My 1995 Mustang GT