It definitely has an airbag module and the housing of it will be blue. In this application it's technically called an airbag diagnostic module. You have to remove the radio to get at it and it's located behind/below the HVAC control. 1993 Airbag Module Compatibility | Ford Mustang Forums (corral.net)
The continuous indicator blinking means the module itself is the issue. 1992-93 are the same. Mustang 1992 Air Bag Diagnostic Codes (veryuseful.com)
The Ford catalog part #(fdifferent from the engineering # on the part itself) is F2AZ-14B056-A but that isn't going to help you anyway since it's long discontinued. 1992-1997 Ford Monitor Airbag Diagnos F2AZ*14B056*A | TascaParts.com
Air Bag Components for 1993 Ford Mustang | TascaParts.com
Your options are taking a chance on a used one with likely lots of time being powered on or getting yours fixed by a module repair service. This will have your module working like new again instead of having to probably replace an old used one again.
Many Ford vehicles from 1992-93 will have the compatible module and a few up until 1997. However, I suggest that you repair yours for longevity especially since it's pretty cheap to have it done. Automotive Circuit Solutions, Autoecm, Upfix, and Module Master are places worth checking into.
