King Cobra timing problem

Much depends on WHAT the timing problem is, but the King Cobra is not difficult or usually expensive to repair as long as it's not something major like a bent crane or damaged barrel.

These guns were built at Colt by pulling a part from a bin and test fitting it. If it didn't fit and function, another part was pulled from the bin until one did fit.
This is also how they're repaired. Unlike the older Colt models these newer models cannot have the parts stretched or refitted and adjusted.
Repair consists of removing the defective part, pulling a new part from the bin and installing it.

This is also why it's difficult and often dangerous to allow a local gunsmith to work on one of these later Colt's.
The local doesn't have a bin full of new parts to test fit. He has to order ONE part from a parts house.
If it doesn't fit, he's left with two choices: Send the part back and exchange it for another and hope it fits, OR fall prey to the temptation to start stoning or altering the part to MAKE it fit.
Since these parts are surface hardened, any stoning or alterations break through the hard surface and ruin the part by exposing the soft interior.
This may not show up for a while, by which time the person who did it will not accept responsibility.

SO...... to get your King Cobra repaired correctly, send it in to Colt. They have bins full of parts and can install whatever new parts are needed.
Since this is a fairly easy job, there's not much that Colt can't repair in less then an hours worth of labor plus parts.
DON'T take it to a local.