yes, the 94 and 95 were the last years for the 5.0L
you are probably gonna be looking at about 18mpg +- depending on your driving habits, as for things to look for, do not buy an automatic if you are wanting even a little performance out of it, the SN95's are heavy and therefore slower, the auto makes it quite a bit worse, not too sure about problems with the car as a whole though, good luck with it, hurry up and get a real car!
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88 Notch, 3.73's, Ported E7's, Explorer int. w/ ported lower, pulleys, 1.7RR's, BBK headers, off-road H-pipe, flowmasters, subframe connectors, 65mm TB, shift kit, March ram air ,MSD coil, U/L control arms, 155lph fuel pump, cheap 2800 stall, Crane Adj.FPR, best 1/4--> 13.77@101.35