If a buzzing noise is coming from the exhaust at different engine speeds and conditions, this is commonly caused by the heat shields on catalytic converters coming loose at points. The buzzing is the metal on metal contact. Installing a large worm clamp around the catalytic converter and heat shield assembly will prevent the noise and secure the shields.
Problems for specific Ford Mustang Cobra years:
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Most reported 1994 Ford Mustang Cobra problems
A broken retaining bracket for parking brake cable can cause a scraping noise on hard acceleration from the driveline area. Replacing the retainer bracket and securing it should fix this problem.
Internal heater blower motor issues can cause a ticking noise from the heater blower when the fan is on. To correct this concern, replace the heater blower motor with a revised unit.
An internal transmission issue can cause a longer than normal shift from first to second gear, and it can feel harsh. Premature wear of the accumulator seal from scuffing of the accumulator case bore is the cause, and replacing the 1-2 accumulator spring, seal, and piston will correct this concern.