Personally, I adore the Cobra (I'm another of those old fart players of the original Elite), so I'm really looking forward to the idea of a Faulcon DeLacy alternative to the Asp or Diamondback Explorer.
If you look at it from a business point of view, Faulcon DeLacy makes nice low-end ships (Sidewinder, Cobra Mk III), but then has a big hole until you hit the Python, over two orders of magnitude more expensive.
Lakon, on the other hand, has the Diamondback Scout (a Cobra competitor at roughly the same price), the Diamondback Explorer (at about 5x the cost of a Cobra, a solid upgrade), and the Asp Explorer (at about 17x the cost of the Cobra). All of which are solid ships. Arguably the Diamondback Scout isn't as good of an all around ship as the Cobra, but the two Explorers are very solid choices that Faulcon DeLacy can't really compete with.
I'd love to see the Cobra Mk IV be something in the general range of the Diamondback Explorer.
Looking at ship stats, a slightly upsized Cobra Mk III starts getting into Fer-de-lance or Viper territory. Both ships are hampered in explorer terms by their class 4 FSD slots. The Diamondback Scout gets a bit of a jump boost by dint of being lighter, but this is clearly a larger ship. My hopes, then, are it'll boast a class 5 FSD and fuel tank, with the flexible Cobra internals to take advantage of that. Something like:
Class 4 Power Plant
Class 4 Thrusters
Class 5 FSD
Class 3 Life Support
Class 4 Power Distributor
Class 3 Sensors
Class 5 fuel tank
Internal: 4/4/4/3/2/2
Hardpoints: M/M/S/S/S
Utility: 2
Assuming a mass in the 250 ton hull range, this would give a 310-320 ton explorer loadout with a 35-37 LY jump range with 7 jumps. That's probably a bit much for a cheap ship, but some tweaking could put it firmly in the 30 LY jump range.
From a game balance point of view, this would be a Cobra with Asp-like legs, but lesser offensive and defensive capabilities. Seems reasonable to me.