In 1994 they had the Indy Pace Car edition and I was wondering if that was only made in a Cobra model or if they made it in a GT. There is one here that is a GT that my cousin is looking at but its a GT is this a fake or not?
Sounds like it is a fake. AFAIK, the 1994 pace cars were ONLY Cobras. A quick Google search revealed the following pages: http://www.indypacecars.com/1994.html http://bradbarnett.net/mustangs/pacecar/94/ You can always run the VIN# by the folks at SVT (1-800-ford-svt) to verify authenticity of said vehicle. G'luck!
The car you could get from the dealer was a Cobra, but they made parade cars used in Indianapolis that were GTs dressed up with the stickers. I know because I tried to buy a Cobra Convertible that year and went to Indy that year--so I saw the GT's dressed up. Could be one of the parade cars.