These are two totally different design guns. the only thing they have in common is the Colt name. If it wasn't for the Snake name and the pony stamped on the side, there would be no similarities. Not one part is interchangeable. Even the internals & actions are different. Unlike S&W not even the grips interchange. The Python uses a leaf style mainspring. The KC uses a coil style.
The Python was a semi-custom, hand built revolver noted as having the best accuracy, single action trigger and the bluing or bright stainless polish of all the American double actions. The Python has the old 1890's Colt action with two hammer blocking safety systems. The Python frame and cylinder were very strong, but the old Colt design action won't take abuse and continue to work properly.
The King Cobra is a "machine fitted" revolver that was assembled by selecting parts from a bin until one fit properly. The King Cobra was built for unlimited use with full-power Magnum ammo, and was probably the strongest medium frame DA revolver ever built, including the S&W 686 and the Ruger GP-100. The King Cobra has a modern transfer bar safety and ignition system.