1996 Cobra-- Cranks but won't start

another update, I got the engine tore down to the bare block last week... Not so good news as I feared. The followers spit out as all 8 intake valves slapped the pistons and are now jammed open/ smashed into the head. The number 2 rod journal was eating through the bearing.

What the compression on all 8 cylinders?

This would have save you a lot of time if you would have done a check on all 8 cylinders.

Agreed... I took the previous owners word for it. Lesson learned there.....

Just for shits did you buy the red cobra off 48 highway

nope. I'm in sw mo. Bought it off a friend and he was as honest as he could be with it. It broke a few years ago when it was not in his possession... I bought it cheap enough a new motor still means I have less than 1/2 in it compared to what it's worth.