1995 was the first year of the new EEC-V(OBDII) computers in Rangers, 1994 and earlier used the EEC-IV(OBDI) computers, so heads up on that.
'94 and '95 are both 2nd generation so most other parts will be interchangeable.
I assume the '94 has a 2.3l engine and is 2WD, so yes the transmission can be swapped, both will have the M5OD-R1 with 2WD tail housing.
Lima engines(i.e. 2.0l/2.3l/2.5l) all used a unique bell housing bolt pattern, so replacement trans must be from a Lima engine, 2WD.
'94 will have an ICM(ignition control module) on the front of the intake, '95 has the ICM built into the EEC-V computer.
'95 used no speedometer cable, it used VSS(electronic speed sensor) only
'94 used speedometer cable but only for speedo and odo, it also had a VSS on the transmission for cruise control, ABS and computer, so that can be used for '95, I believe, never done it.
Speedo info here:
http://www.therangerstation.com/tech_library/speedometer.shtml