Not a bad death, it could have been worse. A buddy of mine has a 2001 SS with exhaust,intake,a cam and header set,airlid and some Nitto drag radials and he makes 525 whp and about 475 in torque. He can run low 11's like nothing with that beast and thats not even fully modded. The 4th gen LS1 engines are serious killers when fully modded and if you put a S/C on top of it, there are very few cars that can even hang with you.
The Cobra has a ton of potential but it is only 4.6L as opposed to the LS1's 5.7L so the LS1 will breathe much better and can be made faster then a modded Cobra anyday. The Cobra only puts out 375 whp WITH a S/C, the LS1 will put out more than that with only a cam and an airlid, there is really no comparison, its one of the best engines ever built. Unless some turbo and modded out car is carrying a huge shot of nitrous, a heavily modded Supra or Z06 would be your only real challenges.