Ps have issues with plug wires getting burnt up, and some headers not fitting right. If I was going to do it all over again going from E7s to something else on a stock block I'd look to find a set of 3 bar GT40s off a Cobra or an early 5.0 Exploder, get them cleaned up, new springs, valve job, new guides, new seals, new retainers and new locks. Emissions won't matter at all on a 94/95 car as it is all external. Only thing that might matter would be the emissions ports on the back of the heads but you can either plug them or actually bolt them up and use them with the 94/95 emissions system. I'd plug them and the thread/pitch is the exact same as a spark plug. A lot of guys actually use old broken off spark plugs with some high temp RTV to block them off.
One piece of advice, don't waste your money on porting GT40s, it is a total waste unless you do EVERYTHING yourself. Paying to have them done is going to take these heads into the territory where you would be very close or even at the price of a good set of used aluminums which will murder the GT40s in every category while taking a good 80-100lbs off the nose of the car. Ask me how I know this lol. With that said, a stock 5.0 shortblock with cleaned up JY GT40s and Explorer intake and the stock cam with a S-trim is probably one of the best street combos in existence. With a stock block limiting you to 450-500whp safely there is 0 reason to go nuts on crazy flowing heads/forged rotating assemblies unless you enjoy lighting money on fire...