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That would be my best bet to just do a way with the electric fan. It's just a ticking time bomb and the way you have yours it's going to last a long time.
Very good job A++
If you feel you want to tackle it, let me know if I can help. Only thing you might have trouble with is a spacer to mate the clutch to the water pump, since in '94 Ford changed the 5.0 pump, shortened it, and upped the mounting hub from 5/8-inch to 3/4. Don't know is spacers are available commercially with 5/8" pilot hole; I made my own. I can make one for you if you need it.
If you go ahead, first order of business is remove the black plastic cover with all the decals on it, take out "catch" bottle, disconnect ABS Module and remove it. Then, the upper bracket, everything out of the way to make room for a fan blade, 17" diameter will clear the hood by over 1 inch. imp