Mercon V is fine for a 94 Cobra. I've searched the web on this, and some folks have good luck with synthetics, others report problems. I have actually found a recommendation AGAINST Valvoline ATF, saying it caused some shifting problems and some gear whine. This does match problems I'm having right now with my T5, so I'll also recommend against Valvoline ATF. I'll be buying some Mobil 1 ATF soon to replace the Valvoline ATF I have in now.