or you could just get a new one from summit or jegs for like 49.99.
Straight out of Jeg's Mustang section:
Direct replacement for 302 1994-95 Mustang 5.0L. A new water pump for the price of a remanufactured pump.
P/N 397-M-8501-D50
I think summit it would be FMS-M-8501-D50.