Sounds like you have a sweet ride man, but, I sense a little over-confidence on your part.
03/04 Cobra's were factory beasts. To make 700 RWHP doesn't take a 200 Shot plus 25 PSI like some people here think. A Healthy 2.3 Whipple or 2. KB at 20 PSI with good supporting mods is a solid mid-high 6xx RWHP car that can easily run well into the 10's, even low 10's with mid 130 traps. Not bad for an old POS.
Now, I know the 1LE's are great handling cars, but, please don't dismiss that the 03 Cobra also handled very well, not only for it's time, but still does. I know my old 03 Cobra in the right hands would put a hurting on a lot of cars around the road coarse, even a 1LE
Some car owners are retards and I hate it when they hype their cars up to get you to back out so they can brag about it. If he is making that power, mid 8's is far-fetched to me, or he must have a gutted car. A full interior Cobra with 800 RWHP is a low-mid 9 second car with a good driver/auto swap.
In stock form, people get them to 700-800 RWHP and hold it without issue. The only weak links are the rear and the 10 spline transmission as well as the Pistons. It may be borrowed time, but, they hold the power unbelievably well.
What is done to your car if you don't mind me asking man?