From the look of the photos, the Cobray has a moving barrel, not a moving bolt. Same operating principle as the Philipine/Richardson, only it uses a spring to drive the barrel.
The early versions of the Atchison shotgun, with open bolt and fixed firing pin probably has about the heaviest bolt used in this sort of gun, and it would still employ API. There are quite a number of blowback 9mm designs, but they all use a closed bolt and moving firing pin, to control the timing of ignition.
Moving barrel, blow foreward systems have been around for a long time, the little Schwarzlose pocket pistol is the earliest that comes to mind.
US 5 rd magazine capacity laws are state level hunting regulations, not federal, except for 3 round migratory bird limit resulting from international treaty. With the expiry of the AWB, federal magazine capacity rules vanished.
Back to the Sten topic, for a moment. An inspected and approved open bolt system would provide for the most accurate reproduction. I still think the MP3008 design is the closest approved system available. Doubt that Marstar would make one available for study, so that lower cost versions could be made. Stencollector took the time and trouble to get the SAS system approved, and therefore a viable option, and anyone interested in a Stennish repro. owes him a big thank you.