'94 gauges are analog not computer controlled.
Fuel gauge, of course, will remain the same, but without a computer to control Fuel Pump Relay you will need to Ground that relay so fuel pump comes on with the key, or you can instead tie it to an oil pressure switch so electric pump won't come on unless there is oil pressure(engine running), for safety reasons, this was common practice when electric fuel pumps were first being used, don't want fuel pump to stay running after an accident, inertia switch was added for this reason but oil pressure switch is also a good idea.
You will also need to add a fuel pressure regulator, with Return line, to lower the 35psi pressure(fuel injectors) to 7-9psi(carburetor), several models available for this.
Oil pressure gauges on Fords were converted to "idiot light" status in the mid-80's, there was an oil pressure SWITCH put on the engine, and a 20ohm resistor added to the gauge.
The SWITCH grounds(closes) the gauge circuit when oil pressure is above 6psi, and ungrounds(opens) it below 6psi.
The 20ohm resistor makes the gauge needle sit at about 1/3 to 1/2 on the gauge when circuit is grounded.
Any movement in the gauge needle would be related to electrical changes, i.e. revving engine causes alternator to produce slightly higher voltage, needle may move slightly.
I think you can change pre-95 dash gauge to use a "real" oil pressure sender as long as the 20ohm resistor is exposed on the back of the dash board, they added it inside the gauge on later models.
Use PS60 sender for conversion.
Good read here on how to change this:
http://rogueperformance.com/oilsw.html
You don't need to do this, it is just an option, but if you stay with current setup then you need an oil pressure SWITCH on the V8, not a sender.
Temp gauge is pretty standard on Fords, with pre-electronic dash boards, so V8's temp sender can just be plugged into that wire from the harness.
Voltage gauge will work the same if you use a similar alternator, internal regulator with 3 wire connector.
1994 Ranger used a 95 amp alternator, I wouldn't use a less powerful alternator
Tach and speedo will be issues
Post here on changing tach to older model made for V8:
http://www.therangerstation.com/forums/showthread.php?t=95639
V8 manual trans would be the M5OD-R2, from a '97 to '04 F-150 2WD with V6(4.2l), it has the same bolt pattern as 302(5.0l), and shifter is located at almost the same place as current Ranger M5OD-R1 location.
BUT it will not have mechanical speedo cable hook up
I have read that you can swap pre-'92 M5OD-R2 tail shaft to the newer ones to get mechanical speedo hook up, but never done it, so grain of salt.
Or you could use a pre-'92 M5OD-R2 from 2WD small block V8 and make a custom shift arm, shifter is farther forward on pre-'97 model.
Here is a post about M5OD-R2 clutch and what year options to look at:
http://www.therangerstation.com/forums/showthread.php?t=161788&highlight=m5od-r2
'94 Ranger Cruise control didn't use speedo cable like older models did, it used a VSS(vehicle speed sensor) on the mechanical cable at the transmission end.
If you have cruise control then you will want to find similar unit for the R2 trans.
Look here, 3rd and 4th picture down, to see unit in question:
http://www.therangerstation.com/forums/showthread.php?t=95639
Not sure if these were the same for R1 and R2, but if they are you can use your current unit, but with a different gear possibly.
And good sub-forum here to get V8 conversion info and for future question:
http://www.therangerstation.com/forums/forumdisplay.php?f=11