Engine: GT40 heads,cobra intake,1.7 roller rockers, slightly different cam,24# injectors,70mm mass air,ive heard it had 12% smaller crank and water pullies.
Brakes: 13 inch front rotors along with PBR dual piston calipers,same rear brakes as the GT except it has a vented rotor instead of a solid rotor.
Suspension- the springs were actually softer on the Cobra, although they were linear rate instead of variable, 400 lbs/in. in front, and 160 lbs/in. in rear, a smaller 25mm front anti sway bar, but larger 27mm rear sway bar
Tranny- same borg warner T5, only with the addition of a phosphate coating on the gears and stronger bearings, along with a shorter throw and better feel, and stronger driveshaft yoke
Appearance- different front bumper, and round foglights, different rear spoiler, the airbags inside get COBRA instead of MUSTANG. Real leather shifter boot and shifter, leather wrapped E brake handle.front seat frames were magnesium instead of steel.
Some non mustang people think 94-95 cobras are fake because they have a normal hood, and a rear bumper that just has MUSTANG inprinted on it. They didnt put a different hood and rear bumper on them untill 1996. I hope this is what you were looking for.