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The Cobra's were quite tame. I believe Ford Australia used the Cobra to get rid of the outgoing falcon bodies. The 351 engine only produced around 217bhp which isn't a lot for that type of car considering the 1976 XB GT was producing 290bhp, again not really that much.
Here's more info on the Cobra:
http://www.fastlane.com.au/News_Ford/Falc…25yrs110903.htm
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Thanks for the link René, looks just like the one I saw yesterday. It had the 4.9 liter engine and was in beautiful unrestored condition.