Matt, your absolutely right, no real reason or way to use the S2k suspension. If you want to fab a suspension, the current Corvette is probably a better way to go. The problem is always the uprights/spindles. Link are easy to make or buy.
Pat, I believe all FWD Hondas spin the wrong way for the transmission/axle. To make it right a lot of pieces become expensive customs. You might have more luck with a VVT-i Toyota, which I believe has a form of VTEC.
To match a 300hp Honda, the Ford would need to be 350-400hp. On top of that, 300hp isn't so high. 350-380 NA would be high. Note that VTEC allows you to use cam lobes that no one would consider on a street Ford. You are basically driving a 600hp SBF tune on VTEC and a 250hp SBF off VTEC. Well, maybe more like a Modular, since the pushrod valve train can't really duplicate an OHC setup.
Stock S2Ks are not that light, nearly 2900#, and not that fast (I've never broken 14sec@mid-90s.) In a Cobra, what you have is light weight. If you sized the rest of the car accordingly, you probably shave another 100# off. We are talking a 200-400# advantage. And a big improvement in weight distribution.
My 5¢