need more specifics on what you actually have:
Which 5.0 is it, a GM (distributor in rear) or Ford (distributor in front)?
carb or fuel injection? it matters because they used different ignition systems for each.
What OEM ignition system do you have now?
The Cobra outdrive, is it the original dog clutch unit (flat across the top) that has to use an ESA, or is it the joint venture drive (just like a Volvo SX with the hump on top) that uses a cone clutch?
1994 was the start of the joint venture period where the Cobra was converted from dog clutch shifting to cone clutch but a 94 boat can have a 93 drivetrain, so that's why it matters to know which you have.
from looking at catalogs on
http://www.marineengine.com the carbed version used a Prestolite BID system with a centrifugal advance system and electronic module whereas the fuel injected ones used what looks like a Ford electronic distributor (not sure who made it though). A lot of parts for these are NLA, so depending on what you have, the Petronix might be the best option if you have the BID system.
About the ESA system if your drive is the dog clutch model (last made in '93) then you need a functioning ESA, usually when you go to Petronix you have to change the module, so it works with the electronic distributor, CDI electronics sells them.
If you really have a 94 drive train with the cone clutch drive you do not need an ESA, that is only for dog clutch outdrives.