you need to grind down the edges a little to get about an 1/8" clearance, it grinds real easy and spray some high temp black paint and your good to go.
just to float some word out there.. i have had a SRA axle for about 40k miles now and I love the damn thing... moser axles, auburn diff, 3.73's and NO rear leaks.. I m running a 03 GT rear, the brake difference from a Cobra rear is not gonna be noticed in the pedal..