Here is a link to the factory replacement MAF, which is what I would use for a stock car that needs the MAF to run: Buy 1995 Ford Mustang Parts | FordParts.com
Assuming this is the JLT CAI (JLT Performance Cold Air Intake (94-95 GT & Cobra) at AmericanMuscle.com - Free Shipping!
), the factory part will work but you need to remove it from the Ford housing and install it in the housing provided with the CAI.
Assuming this is the BBK CAI (BBK Cold Air Intake (94-95 5.0L) at AmericanMuscle.com - Free Shipping!
), then I believe that one just hooks up to the factory MAF housing.
Now for my opinion...
If the car is an auto, spend the money on a shift kit, tranny cooler, and 14 quarts of Mercon V. Or, put it in the bank and save up for some 3.73 or 4.10 gears and a speedometer recalibration device.
If the car is a stick, save the money and get some 3.73 gears and a recalibration device or put it toward a short-trow shifter.
Of course, this is just my opinion, but the $200 or so for the CAI is a waste. They add virtually no performance, in my experience, to an otherwise stock top end. But, they do look nice.
If you are insistent on doing the CAI, I prefer the black JLT. Chrome looks gaudy under the hood to me, unless you have a polished intake, some nice valve covers, and all the other matching pieces. By itself, all a shiny CAI does is stick out.
One final question: how do you know the MAF is bad? Have you replaced the plugs and wires, put a new fuel filter in, changed the air filter, and performed all of the other tune-up items? Have you tried cleaning it? MAF cleaner is readily available at the parts store, and it is a simple matter of soaking the wire element (and possibly GENTLY rubbing it with a Q-tip, always keeping in mind that they are fragile wires that will break if you are not careful) with the cleaner and re-installing it. Finally, do you have any codes stored? Since you just purchased the car, it is cheaper to pull the codes than to assume that some specific part is the cause of all evil. DIY KOEO/KOER/Cylinder Balance Self-Test Procedure
You can get an OBD-I code reader from Advance or Autozone or wherever that makes the process a bit easier: OBD I Code Scanner for 1984-1995 Ford Vehicles by Actron - Part CP9015 - Advance Auto Parts Code Reader | AutoZone.com
Or, even better, get one with a digital display: Amazon.com: Equus 3145 Ford Digital Code Reader: Automotive
I want to say that I am not trying to be a dink or anything. Just noticed that you posted that you just picked up the car, and wanted to try and make the process as financially pain-free as possible