Just dyno my 94 and results were 347 hp and 400 tq bone stock. Does this sound right? Isn't factory 400 hp 450 tq from factory for a GEN I?
That does sound pretty low. I wonder if you were on a "Mustang Dyno" or if it was a "Dynojet"? Mustang dynos typically have lower results because they include some crap like wheel mass motion or something to do with the large dyno drum rolling... Also depending on the weather/ temperature/ humidity / heat, etc...
The BEST test is run it at the drag strip. Get some 1/4 mile times for the true test. HAve you done that yet?