If you want the full potential you need to tune your gt computer take advantage of your setup and raise the rev limiter. The gt computer just wont control the Intake runner buttflys or have knock sensors. you will need to lenghten a couple wires and possibly modify the lincoln alternator if you get a cobra intake mani. you will want cobra exhaust manifolds too.
No. 94/95 have a 5.0, so new computer, wiring, k-member, and maybe more. Not worth it.
For the swap you do not have to have the cobra computer, reflash the GT's. The GT's wiring harness works perfect. You will have to delete the IMRC (butterfly valves in the intake). Get a cobra intake manifold and go from there with it.