i think the mach1 motor, if its automatic, comes with non-forged internals. if its off a stick shift, it comes with the same forged crank as the cobra, and thats about where the similarities end.
03/04 cobra:
Forged pistons
forged crank
forged rods
cast iron block
aluminum 4v heads
blower
6k redline
8.6:1 Compression ratio (i think...i know its something low but cant remember the exact number)
mach1:
forged crank (if 5speed, if auto then its cast)
aluminum block
aluminum 4v heads (same as the cobra)
better n/a cams
10.1:1 compression ratio
7k redline (6k if its auto)