You never mentioned how the pedal felt. If the pedal is not firm about an inch down you probably have air in the lines. The problem is the length the air bubble would have to travel just to the abs pump is impossibly. You bleed the wheel but there is not enough fluid travel to get the air bubble to clear the abs pump. Sure it gets moved but by the time you try the second bleeding process it has already moved up the line. No matter how many times you try and get rid of the air bubble it just kinda stuck between the master cylinder and the abs pump. Let the car sit a few hours or over night. Bleed the master cylinder. It took me about 3 cans of brake fluid, several sessions of bleeding all the wheels and hours of frustration.
As far as the Cobra calipers, I have open tracked my cobra since the first weekend i bought it. I have found that the calipers don't spread they just don't have enough clamping force when pushed really hard. Going from 120mph down to 30mph they were fine but 122mph down to 30mph they just couldn't clamp down on the brakes pads hard enough. I have gotten them so hot they smoked before, forgot to turn on my brake fans.