I can think of a couple of ways to gain power that may be better for your cobra. First, I would add a K&N filter, then underdrive pulleys, or some type of exhaust mods, (h-pipe or maybe a flowmaster). I personally think chips are a waste. You don't really need to screw with the cpu, just help the motor breathe better.
As with the u/d pulleys, my lights seem to dim when at idle, but as soon as you give it any gas the brighten up to the normal brightness. Other than that no other problems, no overheating or charging problems.
Thanks for the info. Pulleys certainly seem to give you a decent bang for your buck, so I shall add them to my TODO mod list after roll bar and subframe connectors.