Here is my new engine mounted fuel pressure gauge. It is mounted under the FRPS. The angle makes it kind of hard to see but I just wanted a rail mounted one also.
I don't know of any advantage for it but it does have a port in the back to hook up another mechanical / electrical gauge or NOS to it. Plus you don't have to tape into the Schrader valve if you do add a fuel pressure gauge. You can actually still use the Schrader valve as a test port like the dealers do. IMO :shrug:
I had one of those jegs liquid filled gauges on my carbed 93 coupe and it would consistently drop 3psi of fuel pressure as the car warmed up. I would start out at 6psi then drop down to 2-3 sometimes 0 psi when the car got warmed up. Come to find out it was the liquid inside the gauge causing this, I verified it with a autometer non liquid filled gauge. So what I did was remove the plug on the side and pour the liquid out. Works fine now. Just something to watch out for. U probably wont even notice 3psi drop on your fuel injected cobra which runs 30-40psi normally, but on a carb car with a gauge that only goes to 15psi, every psi makes a huge difference.