Bob -
Congrats on the purchase of your new to you 94 Cobra! Very nice, they are becoming harder to find in near to 100% stock condition today.
Recommendations to you if you plan on daily driving it:
1) remove that serpentine belt - they are obsolete and you will never be able to get one with the original Motorcraft/Cobra markings. Jim @ PPI was selling them a few years back, not sure if he even has any left in inventory today. Consider it rare.
2) Store the stock rims and either find another set of used originals to beat on or a set of aftermarkets to use for daily driving. The originals you have will be ruined by road debris and environmental fall out for daily driving.
3) the upper and lower rad hoses - stamped Cobra - not sure if anyone still sells them (Mustang vendors like Jim and more importantly, Ford). The last set I bought from my local Ford Dealer was a few years ago and even then, they were hard to get from Ford's inventory. If you want to daily drive, pull the originals and store them and replace with generic hoses. The white lettering on them can get ruined or deteriorated with chemicals, engine heat, etc. Again, rare to find in good to new condition.
4) oil cooler and associated parts - All obsolete today. Many 94-95 Cobra owners pull those parts and store them, while at the same time this also allows the owner to use the standard 5.0 oil filter (Motorcraft FL1A), over the "shorty" oil filter. The conversion is easy to do and has been addressed on here a few times as well in older threads. Definitely think about removing the oil cooler parts, more so if it's leaking now. There will be no detrimental effects from removing it for drivability, performance OR reliability. Again, rare parts today.
LOL - sounds like I'm telling ya to tear the car apart - but in all reality, just giving you the info on what you should save and store if you plan on driving it. Trust me and others, some folks wished they had the above thoughts, advice and/or those parts due to the rarity today.
When you get a chance, can you post up your build date info and/or the SVT number? You can check the sticky thread at the top of this forum of which within, there's many details on how to find/locate that info (or you can search on my user ID as well for many related tech threads).
Best of luck and enjoy the ride!!