For less than the price of a supercharger, please check out the Road and Track suspension package at Maximum Motorsports:
From their web site (and your Cobra will be much faster):
Motor Trend confirmed the impressive handling ability of this suspension package when they tested it for 5.0 Mustang magazine (results published in the December, 1998 issue of 5.0 Mustang). A high-mileage 1990 LX outfitted with the Road & Track Box tied for the 3rd fastest slalom speed ever recorded by Motor Trend. To this day, the 72.5 MPH slalom speed achieved in that test is still near the top of the all-time slalom speed list.
By far the most of the time, you can have more fun with a super capable suspension than you can with high HP and wheel spin.
I had this setup on my Cobra, and it is really something to behold as to how this setup makes the Cobra handle. You can literally take a right hand turn from one street to another at 35 mph...truly makes the car come alive: