You can use a delete kit.... here is a how to... or use it to remove everything and just use a shorter belt... I believe its a 89.5 inch belt... but it could be different if you dont have underdrive pullies, cause I do... The routeing is a sticky post on the top of this 94-95 specific section under the 94 gt belt size and route.
And heres the how to... http://www.allfordmustangs.com/techarticles/Smog2.pdf
yea i agree with the earlier comments i just bought a smog pump eliminator pulley and took the heavy dumb pump off i also recommend if your planing on putting on underdrive pulleys this will be a great time since you alreaddy have the belt off and all