On my 94 Cobra there seems to be a lack of low end hp and torque...is this normal? Around 2800 rpm it really picks up, but anything before that sucks. If this is normal what could help?

 

what is your timing at?

 

Not normal.
Mustangs pull pretty well even down to 1500 rpm.
But it is true that above 2800 rpm it comes much harder, but most cars do that.
Even stock mine tugged the car around in 5th down to 1500 rpm nicely.

 

What's the easiest way to check the timing without a timeing light? Also, I can't chearp the the tires in second gear...I have Khumo Ecsta supras on...is that another indication that somethingis wrong?

 

you need a timing light to be sure, doing it without one is just a guestament
i'd set it betwwen 12 and 14 degress, some mustangs like higher some are better w/ a little lower
just something you'll have to play with and if you go up to say 14 say bye bye to 87 octane
you'll probably have to put 93 in it so it doesnt ping.

 

pick up a set of gears and ur opinion will change and maybe a set of headers. i know after i put both of these thins on my car it felt like a completely different car

 

the lower the timing the better the low end
the higher the timing the better high end

I have mine at 12 degrees and 89 octane

 

How is the exhaust?

 

That's my problem, I have almost no backpressure with the straight pipes and my car acts like it's got a turbo lag, it screams above 3,000 rpm's. I'm going to get a cat back when I get some money, will I be able to tell the difference with the cat back?

 

From the looks of your sig, you could definitely benefit from "clogging" up your exhaust a little bit. The exhaust really isn't a big restriction on a relatively stock car, compared to the heads. Instead of changing the catback, put a set of RHS 180 heads on there and you will see a huge difference.