No, that's not it.
You should also drill out the appropriate holes in the separator plate.
This, plus what you posted is what I would consider the minimum for a J-Mod.
Upgrading the servos, and the main valve body are also options to consider.
And, seeing as you have a 94,
You should upgrade to the deep sump pan/filter, from a 1996 or newer, while you are at it. The 94/95 pans can cause fluid starvation under certain conditions.
Mercon V fluid goes without saying, so I won't. You are already using it.
Steve - TCCoA member
2003 Crown Vic LX Sport
1995 T-Bird LX 4.6 retired at 247,888 miles
Thanks for the ride !