I did the Supercar races, both a-spec and b-spec, using the Cobra. I love that car!
It's a serious monster on turns, mostly because it has so much damn torque it's really easy to spin on acceleration. I tweaked the suspension quite a bit between races, and specifically for each track, so it's a little hard to tell you exactly what I did for Bob, but in general, if you have a track with lots of turns, you want to lower it quite a bit and give a decent amount of camber and some toe-in. Also, for turny tracks, you don't need the top speed set anywhere near as high (you did get the fully customizable tranny, right?

), but dropping it down will give you even more insane acceleration. I don't even have an LSD on it yet, though that would likely help quite a bit, too.
B-spec, you have to try to keep your driver at or below the 75% hot level (just where the red starts to show in the bar); if he's too hot, he'll most certainly spin out in turns because he'll accelerate too hard.
A-spec, well, you have to be measured and precise with the throttle and braking on that car. It is
not forgiving of mistakes, but I still absolutely love driving that thing, and I use it for every race it's eligible for, since I would give almost anything to have one IRL.