Former Brisbane flyer Cobbo, who has signed a one-year deal with the Dolphins, made sure he presented in tip-top shape for pre-season.
Since then Woolf has moved the 23-year-old around to get a sense of what will suit the side the best.
"The first thing I'd say is don't pigeonhole Selwyn as being our left winger," Woolf told AAP.
"He's trained at left wing, right wing and right centre. He will be one of those positions, but I have an open mind where he ends up.
"The one thing I can say is Herbie will be the left centre. I know Herbie would like Selwyn outside him, that's true.
"I have a very open mind as to where he plays and what position the other guys in our backline play as well.
"We have rotated that around a fair bit. The beauty of doing that is in the trials we will get an opportunity to see what we think is best coming into round one."
Dolphins star Farnworth was Cobbo's teammate in the run to the 2023 grand final at Brisbane, but rarely got the chance to play alongside him because they were mostly on opposite sides of the field.
That's why the England international was salivating about the prospect of having Cobbo outside him on the left side when he spoke earlier this pre-season.
Cobbo's work ethic has been first-class, with the Queensland representative making an impression on the coach in more ways than one.
"I've never worked with Selwyn before. I only met him in the process of having a conversation with him about coming to the club," Woolf revealed.
"He impressed me firstly with the way he presented himself as a young man and with what he wants to do with his footy as well.
"He has impressed me with the way he has turned up fit. He has impressed me the way he has trained. He has impressed me the way he has fitted into the group really seamlessly. The players respect him and love him already."
If Cobbo does land at left wing, the obvious right-side centre/wing combination would be Jake Averillo and Jamayne Isaako.
Last year's club rookie of the year Tevita Naufahu was a sensation on the wing in 2025 with six tries and 12 line breaks in seven matches and can't be discounted.
"Tevita is right in the mix. I wouldn't think we are settled on our backs at all yet," Woolf said.
"You have got to put Trai Fuller in the mix there as well, and I am really happy with young LJ Nonu.
"He's copped a bit of an injury at the moment, but I was really impressed with how he was progressing and I expect him to play some first grade this year."
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