Well if you have the stock CC plates you will not be able to adjust much except a little bit of camber and the toe. I am going to set mine with: 4.5 degrees of positive caster, 1 degree of negative camber, and 3/32" toe IN.
If there is a wobble you may have a problem with part of the steering gear/suspension. If you don't want to do it yourself you can take it somewhere and have them check out everything up front for wear or breakage. Don't be driving it much though until you get it checked out.
A wobble in the steering wheel at 50-55mph is usually related to balljoints.
Just to clarify, you DID get an alignment after you dropped it 1 1/2" , right?
With a drop that big I'd strongly suggest C/C plates and get another alignment.
HEY. wow i'm going through the same thing. exact same thing. w/ a 95 gt. 100k miles.
it's your bushings bro. time for some new ones. order energy suspension hyperflex for 239$. front end bushings aren't a hard job.
take a look at your caster camber plates. is that bushing in there tweaked as hell and do your tires have a little too much negative camber? that's cuz they're worn out.
if you have stock bushings on your 94 and 95 mustangs, like me, it's time for new ones. no point in getting an alignment when your bushings are so shot that they're giving you that "playful" feeling in the steering wheel.
Before you drop a bunch of money on bushings or other expensive parts, have your tires balanced. 99% of the time a shake in the steering wheel at highway speeds is balance related. I work at a tire shop doing alignments and front end work and I see this kind of thing everyday. If it turns out not to be your tires, then you might be out a couple of bucks, but its a lot better than $200+ if its not the bushings.....Just a tip