Regarding the paint, most Cobras were garage queens and weekend cars, so one needing complete paint is rare I think, but I could be wrong.
In my opinion this car has had a rough 21 years, *I* would probably steer clear of it. YMMV
I know from experience. Years ago, I bought what I thought to be a steal of a deal on an '87 Grand National. It had been my dream car for years, and I finally found one that I could afford. Well, there was a reason I could afford it. The thing was a freakin' basket case when I got it. It had a very rough life. ( I found out it was even used as a construction site car, why, I have no idea)
I was eventually able to square away most of the issues, and it turned into a mid 11 sec car, but only after a lot of time and a WHOLE lot of money.
Sounds like you have your heart set on it, go for it if you're up for the challenge. It sounds like an interesting project that's for sure!