ITs located in the rear of the lower intake. You'll put the PCV filter screen into the hole first, then the PCV grommet into the hole, then the PCV valve connected to the PCV hose. I recommend you use brand new Motorcraft PCV parts for this as they are the best quality and you don't want to skimp on PCV (plus for all three it's only about $20 from a Ford dealer and aftermarket PCV stuff is crap.
Agreed all the way. A new Motorcraft PCV valve and grommet should fit so tight that you might need to lube the grommet I.D. with silicone to get the valve to seat (I had to).
I access the PCV valve on the 94 via the pass side (for foxes, it is from the driver side). As said, find the EGR and FPR and you are right in the ballpark. Look to the driver side from there and you should see it hiding in there.