Cobra Commander v2 was available only as a mail order figure, never being offered as a carded figure. This version is commonly refered to as the Hooded Cobra Commander. It is indeed a repaint of the 82-83 Figure with a different head sculpt.
Wear concerns on this figure are the usual red Cobra logo on his chest. The gold bands on his legs and belt area often have a bit of rubbing. We've even seen some still sealed in their mail order bags that have wear to the gold paint areas.
Cobra Commander's pistol should be a dark grey/black color. It is often replaced with a bright blue pistol from the Accessory Pack, so be on the lookout for that.