Re: 95' 7.4 GL Cobra with King Cobra sterndrive.
Yeah, they were "breathless" with excitement about the "New" Cobra.
Your drive is a REAL "DODO Bird" in that they didn't make very many of them at all and many of the parts are simply not available.
So "baby" it!!!
If you do want to swap it to something else, you will need to remove everything. (you could use your long-block engine though....unless it's got an (OMC) Spit-Fire ignition on it.....
If it runs, run it.
If it quits from an ignition problem...., remove all of it and get either a Thunderbolt V distributor/ ignition system or a (Marine type) MSD or other Marine distributor. (there's no parts available for the Spit Fire systems anymore)
You should check your raw water pump impeller though. If there's any evidence of failure, you'll need to find all the pieces of the old impeller before you trrun it. (They usually end up in the power steering oil cooler)
Good luck!
Rick