It sounds like you have decisions to make. Personally, I don't believe there will be much in the way of profit margin if you fix and flip it. That car, with it's history, or lack there of, will only bring a certain dollar in "nice" condition. What is that dollar? What someone will pay. You may get $6k for it or pour a bunch in and only get $3500. I would fix it, drive it and have fun with it. Unless you have another fun street car you can do OK with the Cobra as a tire burner around town. If you want to build any sort of race car out of it then you have many other decisions to make. What kind of racing? How much power? Suspension? Brakes? Drivetrain? It get's expensive quick.
1979 Hatch - Silver, 4 Banger/4 spd - SOLD
1992 LX Hatch - Wild Strawberry, 5 spd, basics - SOLD
1992 LX Coupe of Irish descent - SOLD (Was a fun ride though)
1993 LX Coupe - Reef Blue, 5 spd, bolt ons, more to follow...