I'm a Ford builder and specialize mainly in FE's.
Everyone always quotes the "weight on the front" to be a detriment, but if I recall, Ford/Shelby didn't have any trouble back in the 60's winning races with them. In addition, next time you have a hood open on a Cobra, look at how far back the engine sits in relation to the front axle centerline.
As for the engine, here's what I see:
1. It's not a side oiler, which is what everyone craves in a Cobra.
2. It's a center oiler. In a lot of instances, center oilers do not have oiling to the lifters, which means that if you have a roller camshaft, it's a solid roller camshaft, and if it's a solid roller camshaft, the lifters will last about 7000-8000 miles before needing to be rebuilt. The first thing I would do would be to call and ask if the block is setup for hydraulic lifters or not. If not, it's not a deal breaker, but it may be more maintenance than what you want in the future.
3. Edelbrock heads are not high end heads anymore. They are actually the bottom-feeders of aluminum FE heads these days. You can CNC port, you can change valve stem diameters, etc., but this may be something you should inquire about as well. Are they ported or are they stock?
4. A 427 Cobra engine with aluminum heads will look out of place if you're going for looks. Most of the time, when guys have me build Cobra replica engines, they are period-correct looking for resale value.