Hey, Welcome to the Donzi site.
I'm a newbie here but have a similar boat -93 with a King Cobra. I've been learning the boat for about 6 months doing a bit of a refit on it. Everything I've read or learned says yes to your question about the King Cobra but be advised some parts are becoming obsolete. -probably a work around on most of it though. Additionally at least where I live there most mechanics just want to be mercruiser parts swappers and aren't too interested in wrenching on the OMC drive.
Be careful not to smoke your impeller... but if you do I may have a couple to sell you and the were not cheap when I purchased them. Either that or you can go to an auxillary water pump like a mercruiser seapump or crank mounted Johnson pump. -King Cobra Impellers are hard to find.
Enjoy the boat the video is great.
Jay
Jay Z.
'93 White/Teal Classic 22