Well, I'm biased, and think AMSOIL would be a better choice. But Mobil 1 is an excellent ATF.

Far as the engine oil--changing to synthetic is a good idea. I recommend using a good flush before the change. Best I know of are made by AMSOIL and BG. If you don't, or won't, flush, go ahead and change. Keep an eye out for a sudden increase in oil consumption--if you note this, change the oil filter and top off. You might want to change the first batch of synthetic after 4-5,000 miles anyhow. Mobil recommends sticking to the auto manufacturer's recommended drain interval. Don't know what your 94 calls for, probably about 7500 miles.
With oil analysis, you could probably go farther. I use AMSOIL, and change it yearly (about 10,000 miles on most of my cars).