The Cobra was only available in 1993 and is a near-collectors item now so rule that out.
Best bet for what you want is a 1989 Mustang
however all '87-92 Mustang 5.0's have the same stuff; 8.8 rear, forged pistons, etc, the difference is the '89-up models have Mass Air and the '90 and up models have airbags. '91 up have 16" '5-star' wheels (stock).
They all originally ran mid to high 14's (stock) - no real dogs among them, but avoid the AOD models if you want to build a fast Mustang. The AOD is a 'vanilla' passenger-car automatic never meant for real performance and will either fail quickly or need extensive - and expensive - modifications to be both fast and reliable.
The LX model is lighter and usually cheaper than the GT model - but harder to find.
The sedan or 'notchback' LX model is rare but the lightest of all the Mustang models.
If you plan big mods you may have to rebuild as we're taking about 5.0 engines that may easily have 100,000 miles or more on them. The 5.0 is tough and sturdy but even a 5.0 wears out eventually, so be aware of that possibility when you go to buy.
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