Hi
If it's "King Cobra" then it should have a cone clutch...that’s a good thing as the early "Cobra" drive was a dog "clunker" clutch. The King Cobra is essentially the forerunner to the Volvo Penta SX drive.
As for the V8 well it’s your standard 454 Big block Chevy, probably a 330hp. Like all V8s they do burn a lot of juice when used enthusiastically but I'd have em over an old fella diesel any day
What sort/size of boat? If it’s small and you cruise at 30knots at 3000rpm it'll be cheap to run but if it’s big and heavy and you have to run at 4,000rpm to get 30knots it won’t be
Keep smilin