The tranny is one of the weaker parts on the 94/95 T-Bird, but it can be improved for under $150 in parts, and a few hours of elbow grease.
The 4.6 engine has proven to be very reliable. The EGR tube has a tendency to get plugged up by the 100,000 to 120,000 mile mark.
My T-Bird has 202,500 miles, with original, never rebuilt, engine and tranny.
Good luck with yours, and be sure to visit
www.tccoa.com