My friend this has same issue...he went through 3 head light switches...But your issue doesn't seem quite the same....My 2 cents....Theres multiple things in the car that can cause lighting issues that are usually the last thing to come to mind here is a list
1, The multi function switch.. get a multimeter and test it according to the haynes manul (note: this switch was redesigned by ford)
2, The ignition switch on the steering column (believe it or not)
3, The voltage regulator in the back of the instrument cluster...I think cobras have 2 of them on each side at the bottom The are little square circuit boards...sand the contacts on them and Clean the clear brain on the back of the instrument cluster with 70% alcohol The voltage regulator can cause a multitude of light dimming issues and then eventually it will cause the car not to charge because it completes the circuit for the green wire coming off the alternators harness.
Also while youre at it check the bulb sockets for corrosion attempt to clean the contacts or replace them
If you don't have a haynes manual buy one, same goes for a multimeter, haynes book: $24.00 multimeter $11.00 at advance auto parts....two things that has saved me thousands
As for my friend that had the issue with the head light switch that kept burning up..He still hasn't resolved it after 2years...I keep telling him I'll look it over and fix it but he won't listen so I'm trying to buy it from him so it can stop rotting Ford did tell him though that he needed a new light harness which is nifty $1,000