As an exclusive ship it cannot be even remotely good because otherwise there will pop up threads about pay to win or similar complaints, so Cobra Mk IV has to be very average and without any advantages, but do we really need an exclusive ship that cannot be good because of it's exclusiveness? My answer is no.
Let's take a look and compare modules for Cobra Mk III and Cobra Mk IV - both ships have exactly same modules, which already makes no sense with added one extra small hardpoint.
Only difference is about internal compartments - Cobra Mk IV has more of those and can have more cargo (max 88 tonnes vs Cobra Mk III 60 tonnes), but that's about it. So Mk IV has 4xC4 2xC3 and 2xC2 while Mk III has 3xC4 and 3xC2.
Hardpoin location actually is better for Cobra Mk IV - extra small hardpoint is right behind the cockpit but small weapons from bottom and far end of the wings are moved to top and placed behind cockpit.
|Cobra mk IV||Cobra mk III|
|Internals||4x4 2x3 2x2||3x4 2x2|
|0pip max Speed||104||149|
|4pip max Speed||208||299|
|Pitch 360 4pip||11,8||8,4|
|Pitch 360 0pip||14,2||11,6|
|Combat fitted ship jump||16,64||18,8|
If we move Cobra Mk IV off exclusive ship list and want to make it better then I would say that it needs 1 class 5 internal compartment for shields - just swap 2 class 4 for 1 class 5, then maybe 1 extra utility mount, but Cobra Mk IV really would need then 1 class higher power management and maybe also one class higher power plant to handle those shield cell banks that more internal compartments will allow us to do.
Plus slightly tuned up agility, because 360 degree turn in 11,8 seconds for ship of this size is just awful.