First off, I love the irs swap. For some reason I get all sorts of happy seeing people swap out the Flintstones axle for the irs.
Secondly, why make the cowl functional if you don't have the air filter right there to use the incoming fresh air? A functioning cowl induction hood on a car not set up to utilize the air intake in that location is kind of pointless. All you are doing is filling your engine bay with air. That air will heat up and create lift, as it's only exit from the engine bay is under the car. Cowl hoods are for carburetor engines, usually.
Not trying to start an argument about cowl hoods, just wondering if you had a particular reason to making it functional.
Great looking Cobra, though. And good call ditching the spoiler. Wibgless SN = sexy.