IMHO, I wouldn't take a 94 tranny apart.
The 96+ are better, but you really want an 02+ tranny; Swap a few parts, minimal jmod, and it rocks.
I bought a jmod kit with everything from Alan very reasonably. There are some additional mods you can do to the valvebody while you have it out; check out the sonnax site.
While not dissing your car, The clutches in your 94 are all very old, the one way roller clutch is trash (even worse than the 96 one, lol); other than the lever and sensors off the side, it's scrap, IMHO. Even if you totally rebuild it, there are still limitations in the casting that make it less desirable.
I bought 3 so far (over 10 years, lol), one for each car. The oldest now has ~100k on it, and feels new. I paid ~$400. A low mileage Gran Marquis with some major damage is a great candidate.
We have to have non-police trannys.
If you haven't replaced the stock driveshaft, it will kill the rear seal, and will always be low on fluid; that killed one of my originals. It also wasted the diff gears, and put an interesting pattern on my rear wheel bearings. (The other cars' bearings didn't have the pattern, and it looked kinda like the pattern on the gears... weird)
Good luck either way!
Red '96 Cougar XR-7 240k mi. '02 4R70W, PST DS : '03 PI engine, 04 maf, 24lb injectors, 2.5" exhaust, '02 4r70w + Jmod, DirtyD0g TC + cooler + 3/8" lines, 255 walbro fp. Alpine system.
Black '96 Cougar XR-7 (Lazarus) 210k mi PI Intake, '02 4R70W, Jmod, PST DS, GrogTune, Konis, Mark LCA+Poly, racecougar Custom Engine Chain, and JL and racecougar Bracing.
Black '97 Tbird Limited Edition, '02 4R70W, 255 walbro, PST DS, PBR Brakes&SS lines, Toicko Blues & Springs, GrogTune.
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