...Hummmm, there's more to it then that....You will need to consider other issues...Suspension, Gears, Tranny, Fuel System, Heads, Cam, Intake (I can keep going on)....Trust me, you can get that 302 to run pretty good!!!
I ran a 10.5 at 132.3 with my "stock" block 302 (91 Mustang GT)...Me, I'd pull out the stock Cobra 302 (and put it on the shelf) and go with a 351W base (stroked to a min. of 377 c.i.) and add a healthy Vortech T-trim SC....You'll have more then you can handle!!
What else is currently done to the Cobra?