The additions of a cam, gears and pullies will do the trick to run with a mild ls1. That makes your cobra a H/C/I car, already having the GT-40 stuff, the pullies will free up a couple hp, and the gears will put you in your RPM range.
Now, comfortably outrunning ls1 is a different story. If the cobra is going to stay a N/A 302, you wll have to have some good aluminum heads and a cam.
A buddy of mine used to have a 95 cobra with a AFR 165/Crane cam/cobra intake combo + every possible supprting mod. His car beat bolt-on ls1's on the freeway and of the line.