The problem with the 96-98 cobra 32 valve engine is the rods and bearings. Boost is not that great of an idea unless you are just doing a burn out here and there and stop light racing. I could blow that thing up with 6lbs of boost on it in 1 hpde weekend event. I think these motors are designed well and built cheap.
With a forged bottom end, ported heads and intake, new cams , higher compression etc... They would be a great N/A race engine. Just alot of money to get to that point