Yes, I have heard that the recall, or actually just a "bulletin", includes replacing the water pump and radiator. A bulletin means they will replace the affected components if they cause problems; a recall means they will replace the components even if you have not had specific problems. At least that is the way I understand it. I believe the only year Cobra affected by this is the '96s, the problem, which is only a problem in warm climates, was fixed on the '97s. That's a good thing because it gets pretty hot around here!
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'97 Cobra, Rio Red, MAC Cold Air Kit, 3.73s, NGK V-Power
BBK H-pipe w/cats