Alright Johnny Five, here's my set up:
Cobra Gen 1
Motor - OS (head shim removed)
Weight - 4lb 10oz
CG - 8 3/4" from the rear sponsons
Engine Angle - 0 deg
Engine Height - Since I don't have a set up board, I measure from the sponson bottoms to the bottom of the cavitation plate, and mine measures 1 1/2"
Prop - 40x53 that's been worked by Mark Sholund
Bottom of the hull has been blue printed and skuffed with 800 grit sand paper. The skeg has been sharpened. Weight distribution and how you set your CG seems to be important for cornering. I added a very small amount of lead to the nose, but mostly added weight throughout the mid section, mainly under the front half of the radio box. This helped me be able to run full out into a modest wind without jeopardizing straight line speed, but also sit nicely entering the corner.
I'm sure others will have different set ups, but this one suits my driving style nicely. Now, go burn some nitro!
Dean