If you go with billet cams, it makes life easier...You go with regrinds, well that's a different ball game due to the smaller base circle, you'll have to address the lash with a measured spacer under the valve tappet body, or lash caps.
You can degree cams with the motor in the car, but you'll need to remove the radiator and expansion tank..you'll also need a solid lifter, positive stop, and your typical degreeing kit from Summit..you will also need the ford cam locks, and a cam positioning tool to give you a datum point...
you will also need access to a machine shop so you can machine off the cam sprockets key-ways...If you have a 96 Cobra, you wont need to machine the cam sprockets, because they don't have the pretruding sprocket key-ways...those years came with a removable key-way pawl...
You will also need to get ARP cam bolts, and and red-loctite and you will need to apply 130 ftlb to the cam bolt.
On a side note, if you have a 01 modular and up, and you want to go with regrinds to save some $$$, find a set of 99 cams..they use the larger diameter cam sprocket bolt...the 01 and up modular use a smaller diameter cam sprocket bolt, and don't like being torque down above 80 ftlb.
I've done a bunch of 2V and 4V cam installs, and I agree it's always nice to remove the motor form the vehicle, but it's really not necessary. I've degree'd two 4Vr's with the motors in the car, and it was just a little tough on the lower back, but over-all it took less time....Good-luck....DA snake boy!!!!