The Cobra's torque curve is large enough to overcome the weight difference.
Um, this theory has been proven just recently by SCC comparing a Lotus Elise with a Mustang R. The Elise weighed in around 1600lbs where as the Mustang weighed in at 3000+.
I cant remember the exact performance numbers, but the Elise out performed the Cobra by at least 1 second throughout the whole test. And I have to mention that this particular car only has 150HP with proportional torque! I will take a look at my back issues and post the results.