Stock to stock, the STI would kick the cobra's butt in a true rally race. (One with corners, traffic and other stuff you come across driving across town.)
Straight line, the STI wins to 30mph, then the cobra finds traction and the gap closes up with a cobra win in the 1/4 mile generally.
Interior wise, the STI has much better seats and dash, and overall I like it better than the old stangs, but they are OK for what they are. (Fast, light cars.)
That SC V8 is very powerfull, and as you know, very easy to upgrade into the 500 to 550rwhp range with tons of tourqe right off idle, and plenty of around town power just under your foot.
STI takes time to spool up and is more fun to drive in trafic than a EVO, but nowhere nearly as much fun in traffic as a SC V8 powered car.
How's your gas mileage.... ? LOL Just had to ask that. I know your STI would get nearly 30mpg on the highway, and high 20's in town, but you'll be lucky to see 20 from the stang, and teens around town is the best you can hope for. (Get ready for 10 to 12 miles per gallon man... )
You would have had a faster car with the GT30 twisted mount, but are fuel mods and other stuff away from a solid 400awhp car. (Figure 4500.00 or so to get it done right at 400awhp.)
Of course a STI with 400 at the wheels is a very good test for any 550rwhp stang driver. (It's careful throttle, or you just get tire smoke in the stang where AWD rules on the street at those power levels.)