After really working with the numbers for magic damage, I determined these useful figures for comparing magical attacking gear. I base all of this on others research. All of this research is thoroughly documented on Kanican's LJ, and on FFXIClopedia itself.
4 INT = 1 MAB (Magic Attack Bonus) 2 INT = 1 MACC (Magic Accuracy) 1 Elemental Magic Skill = 1 MACC
Ok. Let's expand the original question and compare someone using Cobra Feet and Hands versus someone using Yigit Feet and Hands. This way, we can open-up the Latent effects. Let's pretend that the Latent is Magic Accuracy +1. We can assume this based on the Latent of the Fourth set which is +1 per item.
Cobra user has MAB+5 MACC+2 INT+0 Yigit user has MAB+4 MACC+0 INT+8
INT+8 is MAB+2 and MACC+4 according to my figures, so looking at it again:
Yigit user has MAB+6 MACC+4 while the Cobra user is still at MAB+5 MACC+2.
Now, the Cobra set has Conserve MP, and if that's enough kicker for you, by all means. Additionally, the Cobra set is much easier to get. But, if you want my opinion, Yigit is slightly better.