Are you accounting for reaction times possibly? The 96-98 is damn fast and gets a bad rap for no reason. It just needs a few minor modifications to wake her up. Great motor and it really wakes up just a gear, not to mention any bolt-ons.
Look at your E/Ts and not "how many bumpers" you got beat by. He may have had an abysmal reaction time. Also, what kind of suspension were both of these cars running? Anyone have a better tire? Did he spin a lot? There are WAY too many factors in this besides "he beat me by a bumper."
My neighbor has a 1970 Buick GSX that runs low 9 seconds consistantly. I beat him by a few car lengths the other day at the track during test n' tune. I should have never even been close to him except for the staging area.
(His tires rubbed his fender and shredded so he had to let off half way. His burnout wasn't hot enough and he thought there was clearance. The minute he started into third the tires expanded ever more. The messed up slick would be okay in the 1/8, but the slick was toast, no way it would have been safe for a quarter mile run.)
Edit: He can't drive as well as you say he can. I ran a 14.00 flat my first time out on Sumitomo street tires two days after purchasing the car and I'm far from calling myself good yet. I didn't even check any filters, spark plugs, etc. It probably wasn't even at it's peak.
His 14.23 is really poor for a Cobra, he needs to launch a little higher and how is he shifting? He should be gas to the floor flying through gears. He should sound like an automatic going down the track. You should see his rear end from the time the tree hits green.