This doesn't apply to only 94-95 Mustang's but a very informative how-to on plugging the holes left when you remove your spoiler.
http://www.miracerros.com/mustang/spoiloff.htm
Also check out his other articles, some of it relates to "new edge" V6'ers only, but other stuff is useful for...
I will be purchasing a new Mustang this upcoming week, and one of the first things I want to upgrade is the suspension. Originally I was going to go with the Bullitt Suspension aka FRPP Suspension, but a 1" drop just isn't enough and the Tokico set is the same price and you get an additon .5"...
You need to get some good heads (AFR 185's) and a good Intake (TrickFlow, or maybe even ported Cobra), 24# injectors, Calibrated MAF for 24#'s, adjustable fuel pressure regulator, 190lph fuel pump, and a good Dyno Tune. Should get you there.