Very open-ended question, and really hard to answer because it's so broad. The biggest factor here will be budget. What do you want to spend?
With it being a Cobra, he already has GT40-style goodies (heads, rockers, intake).
What is your target for HP? You trailering it to the track or driving it to Sonic for an ice cream with the old lady on Saturday night? "How much HP it can handle" is largely a factor of tuning. A good tune and it'll live at 500HP+ for a long time. A bad tune and it will window the block on the first WOT pull. Without spending boat loads of cash, it isn't going to live at high RPM long, regardless of the route you take.
There are two basic ways to build power with a SBF - NA, or boost (turbo, supercharger). Budget will determine which route you go for the most part. High HP NA builds typically aren't a whole lot of fun on the street. Turbo/SC will drive like stock until you get into boost.
NA - heads, cam, intake. $3000+ to get in the door. Probably more now with the way things have gone up. I think good heads are $2000 now.
Turbo - On3 kit. 400HP all day. I think they're in the $2000 neighborhood to start before you add any upgrades.
SC - Figure $5000+ unless you come across a good deal on a used one, and you never know what you're getting with used hot rod parts. The used Eaton from the Cobra on FB Marketplace won't work on your car (unless someone has made an intake for them I'm not aware of, DOB maybe?). They're good at making heat, not power anyway.
Again, give us more details/goals, and we can be more than helpful.