I believe what you referring to is the limitation where you can’t take the self-employed health insurance deduction for any month you were eligible to participate in any employer (including your spouse's) subsidized health plan at any time during that month, even if you didn’t actually participate. As COBRA is generally not subsidized by the employer, and because if you cancel your COBRA coverage you then immediately become ineligible to participate in that employer's plan, you are free to setup your own policy (under your name or your business's name) and that policy would qualify for the self-employed heath insurance deduction.
I hope that clarifies my original response.
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