i don't know how much money ur willing to fork out but heres the basics for a ford (im restoring an old ford). if it had a v6 and you want a v8, your gonna have to build up the suspension front and back. - front to haul the added weight (v8) and back to reduce understeer. idk how many pony's you want or how big your engine bay is in a 94. but you can probably shop at some local junk yards/scrap yards and find old mustang gt v8's around for a fair price. not too beefy but will get you moving fast. you could make it partially old skool and shop around ebay/local for a ford 289,302, or 351. old engines with a loud rumble/old power.
the above options involve $600-3000 for the engine and $400-$1800 to uprage suspension.
what I would do is find an old straight six from a 90 some model jeep or old ford. alot of low end torque and you won't need to alter the suspension. you see people all the time ripping these engines out for a v8 and selling them for $200-$800 so thats the cheaper option.
mine has a old six shooter and they have plenty of power, and are faster then that old cars 3.8 v6 i guarantee it.
heres sum straight sixes