As one of the very few coyote owners on the forum, and someone who evaluated the same thing you're considering now...
Coyote. All the way.
Terminators are 1979 Fairmonts with a 4v blower motor that makes less power than the Coyote does naturally aspirated. Plus, the 2011+ cars are WAAAAAY nicer cars than anything fox-based. Period. Full stop.
Paul.
'78 Fairmonts, get it straight.
Power is power, can be made with any motor.
Both Coyote and Terminators make power. Blower obviously has an advantage when you want more out of it, but there are also bad thins like heat management, dealing with tunes and smog, and general reliability when you start raising boost. But, both make respectable power for the street.
Braking, both are capable of good street and track manners.
Chassis, this is where the Fairmont will lack. Big time. If you throw all the aftermarket you can at the Cobra chassis, it MAY get to the Coyote level. Then add suspension, and also the design being far superior on the Coyote, the Cobra just can't compare. Anything can be made to go fast straight, but shoot some turns in there, and that's not so true.
The Cobra has the cool factor and desirability, will definitely be a classic one day. The Coyote will be more of a revolutionary design phase in the S197 chassis, but will be plentiful. In 5 years a Coyote in a JY may be common.
So my choices:
-To drive/race: the Coyote without even thinking about it
-To keep under a cover and collect: Terminator