The Computer(ECM, EEC-IV) in '95 would just run the fuel injectors with some input from ICM(ignition control module), and if it has a cam position sensor, which it should, it would be sequential injector firing.
Just look at the injector wiring, each should have a red wire(12volts) and if each has a second wire of a different color than the others then it can be sequential firing, if 2 injectors have the same color second wire then wiring only supports Batch fire.
The ICM system "may" be changeable to COP, I would check the Mustang forums.
I don't think you have to run dual spark plugs with the 2.3l, they didn't for many years.