Stock 94-95 Cobras came with 240 (factory rated) flywheel horsepower, IIRC. That's with
REAL GT-40 heads with 1.6 Cobra roller rockers (made by Crane, IIRC), a
REAL Cobra upper & lower intake, don't remember about the TB and MAF, #24 injectors, a 5-speed manual, and an "E" Motorsport/SVO cam (which was made by Crane, IIRC). With a good set of aluminum heads, top-shelf intake, a good cam that will play well with the automatic and computer (ask me how I know. Consider a Ford Racing "E" or a Steeda #19 cam), matching 65mm TB, 77 or so mm MAF, and #24 injectors and an upgraded fuel pump (IIRC, a 190 lph. is good to about 375-400 HP), 300 RWHP on regular pump gas is not unrealistic. 93 would be better but regular should work. If I am incorrect then I will stand corrected. If you are going to try this at home, you could rebuild your stock block; .030 over equals a 306 IIRC and that will help it a bit. However and IMO, you might as well stroke it to a 331 or 347 and match the components accordingly. Now 300 RWHP is (or at least should be) easily attainable and then some. Really should not be a whole lot of additional expense in machine work either; couple hundred bucks, maybe? Doing so will make it a different animal compared to what you have now. Not going to help you on fuel mileage either but after feeling it when you mash the right pedal you prolly will let that part slide

. Also, you won't see that 300 RWHP below 3,000 RPMs either; more like in the 3,500 - 5,000 range so at that level fuel mileage is out the window any way. You will also need it dyno tuned to really maximize the performance potential of the package you assemble; ours requires a chip attached to the back of the computer which is in the passenger's front kick panel. Not talking down to you or being condescending I just don't know how familiar you are with the subject so please do not take offense as that is not my intent. I bought mine brand new, didn't make a lot of money, and used it as my daily driver for several years so I understand your concern regarding reliability and expense to operate. Our headers, believe it or not, actually flow pretty well. Not as well as a good set of aftermarkets but fairly well for a production part. IMO, a full exhaust would be a must-have. However, if you want the stock exhaust then right on and bolt it right up - it will fit and work. Lots of people here way more knowledgeable than I so please take all offers of advice, figure out what will work best for you and your goals, make a plan, and carry on. My experience with this stuff was when it was all new and I have been down this rabbit hole. Things have certainly changed since 1994 -1995 so my experience and information may be outdated. Keep us in the loop with good pictures and narration like you did with the gauges. Like most here, I am glad to help or offer my advice/opinion whenever I can. Oh, another option I almost forgot to mention. Not that I'm a fan or proponent as I am an "All throttle, no bottle" kind of guy buy you could always slap a 125 shot of the giggle gas on it and call it a day. That would give you 300 to the dirt on-demand and you could be done with it in an evening. Didn't know if you considered that or not. Anyway, take care and good luck.