It didn't even get that far, the design was abandoned due to a "fault in the hull" or words to that effect. Anyone with the original manual to hand should be able to find the exact phrasing (sadly not me).
This:
Description: The Cobra Mk3 is a larger more popular version of the Cobra Mk1 (the Mk2 only reached prototype stages and was abandoned due to a design fault in the hull).
and
After a complete rethink following the collapse of the Cobra Mk II, the Federation shipyard, Faulcon DeLacy addressed some of the problems facing pilots of their day and came up with what was to be their best ship ever the Cobra Mk III. In the 20th Century, as any history buff will know, a motor car company by the name of Ford came up with a car called an Escort, which was generally regarded to be their finest hour. The Cobra Mk III can only be described as the Ford Escort of the space lanes. It has classic lines, that millions of ships tried to emulate. it is nippy, easily manoeuvred, powerful, attractive, spacious and well defended. The only craft that Faulcon DeLacy ever built that was deemed to be more classic was the now defunct Fer De Lance - a vicious piece of combat machinery that is now outlawed, as the Police deemed it too powerful to be left in the hands of the public.