The size of the shield generator is your first indicator, the one you have is a class 4, fitted into a class 4 module slot. The new one is a class 3, it's designed for a smaller ship than the Cobra. The A to E refers to rating, which is how good it is compared to the rest of it's class size.
Optimal Hull mass indicated the point where the shield starts to lose effectiveness - as you're asking it to protect more mass than is ideal. Maximum hull mass is the point where it can no longer protect the ship - you won't be allowed to install a shield that can't protect you at all.
So with the 3A, you're already exceeding the optimal hull mass by ~80 tonne, as we don't know the rate of degradation for exceeding optimal mass, it's hard to work out if this would be better than a 4E - a lower rated shield, but running optimally as it's optimal mass exceeds the mass of your Cobra.
I'd tread carefully, it may be a bit better, but to be safe, go for a better rated class 4 shield.