I think you are supposed to post this in Customs and Fan Creations section, not toys.
that being said, I am assuming you posted it for critiques, so at the risk of offending you I will do so.
I'm not feeling it. the dripping blood effect I think you were going for seems very B-movie-ish and out of place, and the skull just makes it way too busy. perhaps you could incorporate the two ideas and make the Cobra face more resemble a skull and add the firery effects around the entire symbol it may look better. than you won't even need the blood.