You will need to replace or repin the existing computer harness in order to convert to Mass Air.
MASS air conversion instructions from MAF - Mustang Mass Air Conversion - StangNet - The Mustang Network FREE
A9L (5 Speed) computer from junkyard $100-$150
A9P (Auto or in a pinch, 5 Speed) computer from junkyard $100-$150
70MM MAF from 94-95 Mustang GT - $40-$70
MASS Air wiring harness kit $30-$85
The whole thing is probably less than $300 using junkyard parts.
A9L computers are 5 speed only
A9P computers are automatic, but will work with a 5 speed.
If the idea of moving & soldering wires scares you, here's a list of compatible Mass Air wiring harnesses.
Copied from bbunt302
Just for reference, here's a list of all the compatible years:
89 harness should work for 86-89 as long as you're using mass air.
90 harness will only work in a 90. (B/c of air bags and dual dash connectors)
91 through early 92 harnesses should be compatible (single dash connector, fuel pump relay under driver's seat)
Late 92 through 93 harnesses should be compatible (single dash connector, fuel pump relay under the hood)
Larger MAF to go with Mass Air conversion:
94-95 Mustang GT MAF - $40-$100. It is 70 MM instead of the stock 55 MM on regular stangs built prior to 94. It uses a slip on duct on the side that goes to the throttle body and a 4 bolt flange on the other. You need a flange adapter to fit the stock slip on air ducting that goes to the air box. Wiring plugs right in with no changes. *1 *2
*1.) Metal flange adapter Kurtz Kustomz Motorsports, Inc. KKM Buy the TR70 for $44.95. Or spend some time on eBay looking for one that may fit.
Try AutoZone and ask for 81413 - Spectre / 3 in. Aluminum Intake Mass Air Flow Sensor Adapter at $12.00. You may have to order it online.
*2.) MAF & sensor interchange
The 94-95 Mustang 5.0 MAF & sensor is also found on:
1995-94 Mustang 3.8L F2VF-12B579-A2A,
1994-92 Crown Victoria 4.6L F2VF-12B579-A2A,
1995-94 Mustang, Mustang Cobra 5.0L F2VF-12B579-A2A,
1994-92 Town Car 4.6L F2VF-12B579-A2A,
1994-92 Grand Marquis 4.6L F2VF-12B579-A2A,
Evidently the –A1A, -A2A, AA, etc. on the end of the part number is a minor variant that did not change the operating specs. You should be able to ignore it and have everything work good.