It may work with a '94-'95 elbow adaptor, but it will definitely work if you do a Fox TB conversion (don't know about hood clearance, but you always wanted an excuse to run a cobra r hood, right?)
I can't think of why it wouldn't help performance. Any aftermarket intake will help performance. If you've ever seen a stock lower, you will see how poor it is and how cylinders 1 & 5 must starve for air.