A good friend of mine has a car just like that. He put a few mods on the factory 302 and swapped out the factory 4-speed for a T5. I've driven it to Steamboat Springs and back for the Mustang Roundup a few times and in autocross events. It's a lot of fun!
What's really interesting is the reactions I get when I pull into a gas station or mini-mart in that car. It gets a lot of attention and people always want to know, "What is it?". Those cars don't have any "Mustang" badges of any kind. People who weren't around for the "Charlie Angels Era" have never seen a Mustang II. In fact, when I parked it in the Steamboat Grand hotel parking garage, the staff left a note on it saying, "These parking spaces are currently reserved for Mustangs only! Please move your vehicle". :smile2:
The same friend also has a white with red stripes Cobra II and recently picked up a King Cobra. So, I would say among Mustang IIs, the King Cobra is the most desirable. No, it wasn't fast, or anything. It was merely Ford's attempt to compete with the "Smokey and the Bandit" Trans Am craze back in the 70s by adding fender flares and lots of stickers.
Congrats on picking up that Cobra II! I think you'll be surprised at how much you like it. Everyone I've talked to who owned a Mustang II actually loved it and drove the wheels off it.