The code for the Red paint on the '79 Cobras is 2P. You may get lucky if you try the Dupli-color line of automotive paints. However, the color is now 24 years old and you may have to have it custom mixed at an automotive paint dealer. Also, are you asking for pictures of Cobras? If so, I'll post a few of mine, as it was the same color combination as yours (Red/Black with Yellow decals). I've since changed it to Yellow/Black with Orange decals.
Personally, I would try to restore the exterior back to original visual appearance, as there were less than 7,000 of them made. You are in the minority by owning one of these early model Fox's. By the way, the Cobra's came in many different colors. I've seen pictures of Silver/Black with Blue decals, Black/Black with Orange decals, and White/Black with either Red or Blue decals. Orange decals were also offered in addition to the Yellow decals on the Red/Black models.
You'll notice in the following pictures that I altered mine a little bit, but not enough for people to "freak out". The things that I changed include the wheels/tires, painting the drip rail and sail panels black, adding the 5.0 emblems and cobra emblem into the grill, 302 H.O. decals on the sides of the hood scoop, and a 1984 rear spoiler. Here's a few pic's.
http://www.allfordmustangs.com/forum...al_III-med.JPG http://www.allfordmustangs.com/forum...nal_II-med.JPG http://www.allfordmustangs.com/forum..._side_-med.JPG http://www.allfordmustangs.com/forum...ra_Top-med.JPG