The "perceived" power difference isn't that much. In fact, I have raced some buddies with like-modded Fox Mustangs and it was either super close or dead even.
The problem I see usually is that most Fox's are already modded while the 94/95's are pretty much stock. In those cases the Fox's walk away form the SN. You put 2 hardtops with the exact same mods on each and the results will be close (5 speed that is because the AODE is a slushbox and will ensure your loss every time without thousands of dollars worth of modding!).
1999 Mustang - Converted to 94 spec 5.0 EFI,
Vortech V2 SQ 12 psi, BBK shorties, Edelbrock Perf. intake,