I have read mixed opinions on the pairing. no first hand experience. I like the price but wanted something with a waranty. you could run them but they are not designed to work together. you are dropping about 1" too much for the shock/strut design. you won't be able find someone who has run them long enough to say yeah they work great and lasted me 5years. that being said they may. no suspention place is going to recomend it. most places are going to recomend a stiffer/adjustable setup at that drop/spring rate.
i just had the sports installed on my 96. those with tokico hp s&s & isolators dropped it about 1inch maybe a little more all around. nice & even all around. rides great. not harsh at all. i highly recommend this set up. h&r are the best.
the only thing I am not completely framiliar with is the shock/strut length/ travel and the effect on the life/handling. a strut is designed to have x travel. you lower your car you affect that travel. now fox body struts are 1" shorter. the mach 1 may be shorter than a stock gt strut(I dont' know). so a set of 94-04 hp's may have less travel than the mach 1 struts. I don't know who your are going to get accurate info from. if you do get the hp's I would buy the fox body hp's. I bought cc plates so I accounted for the lowering with spacers between the strut and CC plate. I lowered my car 1.75 but raised the strut mount 1.75 so I still have full travel. if you don't having the fox body shocks and struts will mean you are only losing .5" of travel.
According to Tokico there is very little diference between the Mach 1 and Tokico blues (probably none if they say very little).They also claim that the Mach 1 shocks & struts should be good up to a 1.5" drop. There are guys out there running the H&R super sports & stock shocks with out any problems so I can't believe the Mach 1's & H&R sports wouldn't work just fine.