all 94/95 autos were AODE, none where the 4R70w.. The 4R70W was not factory until 1996 on the 4.6 Mustang.
Yes the 4R70w will install in a 5.0, being you use the v6 version ( as they have the same bolt pattern) The 4.6 version of the 4R70w will not work due to the bolt pattern of the bellhousing.
That being said, there is ALOT of info out there on this very subject, and should be reserched heavly before asking such a question. Someone to check out would be DonL, and the TCCOA articles (thunderbird cougar club of america)