Can I have the third option? A less-extreme Caterham AND a less-extreme Cobra rep?
Although, tbh, I think I'd probably go for the fourth option. One of those less-extreme pair, probably the Cob, AND something entirely different, like a classic barge...
Depends what you want it for, if the absolute thrill of driving then the Caterham is a no brainer. However, if its for sheer theatre then the Cobra wins.
It would be the Cobra for me. I should probably say Caterham for variety since a Cobra is fairly TVRish with the full body, upholstery etc, but sod it. Just look at it.