I don’t think I have followed any other posts relating to this vehicle.
However, since it seems this car was “chipped”, what processor does it have in it - the 94/95 GT or the 94/95 Cobra? Or is this one of those “A9L” converted cars?
Is it running stocker 19lb injectors w/ the stocker MAF? Or is it running aftermarket injectors (what cal) and aftermarket MAF (again what cal)?
The info Dwain gave way above is spot on for the 94-95’s - even though physically the parts look the same as the 87-93 5.0’s - the way they were “tuned” via the stock processor isn’t the same as the prior 87-93’s…. The 94-95 has always been the bastard PCM and playing around with throttle body and TPS isn’t the same as doing it on the 87-93’s…. It won’t produce the same results on the 94/95’s, and I’m pretty sure this has been discussed/proven many times over the years on here.
Seems like the emissions system was tinkered with as well…. Usually in some instances prior owners will pull off emissions components and in doing so they break, crack or do not cap the vac lines… thus creating leaks and other issues downstream that will affect idle and drivability. Definitely trace back any lines and if they are behind black conduit pull the conduit and look for breaks and correct any broken lines.
Does it retain stock ignition or does it have an aftermarket “box” on it - and if so, is it MSD? If yes, yank it and trash it, go back to stock ignition - it’s reliable well up to 500HP as is…
Is the dizzy still stock or aftermarket?
If the PCM was opened and there is corrosion, that’s not good. As mentioned it’s possible the PCM needs to be refurbished or replaced. Can you post any images of what you saw in the opened PCM? Some of the members on here have a keen eye for pointing out bad components on the board.
What does the car do when there is a load on it such as when you turn on the A/C, does idle drop to almost a stall, does it stall (or does this car not have functional A/C)?
Have the spark plug wires been ohm spec’s to see if they are still good? Wires can look great physically but over time the core is what deteriorates. Also what about plugs, have they been pulled and “read”?
Since I have not followed previous posts - maybe some of the above has been gone through already….
One more tip:
It’s easier to stay in a single thread with a concern when it has not been rectified. This way others can track back to see what was recommended or what was already done as far as diagnosis and testing. When multiple threads are started on the same vehicle and the initial problem still exists, it’s hard for some of us to know what others have recommended or what has or has not worked.