Yes, the 94, 5.0 bellhousing will fit. But the problem is that it's too deep. With this bellhousing you must use the 94-95 T5 or late model V6 T5. This puts the shifter about 1" farther back and may not clear the tunnel opening.
I am running a 94 5-speed set up in my car with no problems. You must use the starter for the 94 set up but the older 5-speed set ups allow you to use an early model starter. The 94 starter will a have a solenoid mounted to it and will require a few wirning mods. The 94 trans is about 5/8 longer than the earlier 5-speed trans. Yes it takes the 157 tooth flywheel.