Yeah it will not fit the 94-95 cobra because of the different spoiler bolt holes. You can definitly drill holes to make it fit but it may also leave your stock holes open which would mean you need to fill them. You could also sell/trade your cobra trunklid for a GT trunklid and the spoiler will bolt right onto that.
Stick with the Cobra spoiler that you have ... it's a classic, and won't come back anymore. Some owners like the 281 spoiler, but you couldn't give me one ... of course, I don't currently have a Cobra anyway.