A quick trip to an exhaust shop will rule out an exhaust problem.
Call a few and see if they do a radiant thermometer test.
Some will throw that quick check at you for nothing if they aren't busy.
O2 sensors could be an issue, here's an interesting article covering both those subjects:
http://www.asashop.org/autoinc/july97/techtotech.htm
I'd check the IAT and ECT
http://fordfuelinjection.com/?p=28 and
http://fordfuelinjection.com/?p=29 since that's free if you have a meter, clean up the IAC and TB, throw plugs (inspecting each's condition) and wires
http://www.custompistols.com/cars/articles/sparkplug.htm at it for if need be.
What size tire you running? I'd go much smaller diameter tires if it needs a set. That is a tall ratio. Might be most of the problem. 94 still uses the cable speedo so it's easy to correct, whether you re-gear (I envy that talent) or change tire size.
No sense buying new rubber if the tires are good and you've got a set of gears.
http://www.therangerstation.com/tech_library/Speedometer_Change_From_Tires.html
http://www.therangerstation.com/tech_library/Speedogear.html
Good luck with it. I'd do all the free and cheap stuff first.
Don't fix what ain't broke.
A thermostat is <$10, sounds like you may need one. Or test it,
http://www.2carpros.com/articles/how-to-test-an-engine-cooling-system-thermostat
I don't know what got into me, I'm a linking fool this afternoon.