IDK, there seems to be a lot of heavily rusted stuff in there. I'd pull up the carpet and see if there's any indication of flooding and check the car over thoroughly.
Kind of par for the course on a 20+ year old car in the NE that was driven and probably not garaged. Anyway, there is a guy converting a 01 (maybe) Cobra into a Cobra R and going to town he did some crazy shit with his hardware, removed rust and zinc coated them I think. He'd be your guy to get info from. I looked in the Cobra R channel and New Edge Cobra and didn't see the thread. Take a look around it's an active thread and will pop up on "new posts" now and then but I'm not sure what sub-forum it's in. I think the thread is something like "You want to build a Cobra R?"