The 93+ 940s have oil squirters in the blocks and locking rear ends. They also have r134 AC.

You are correct - they are very much the same car. You mentioned the front sheet metal. One thing to keep in mind is that the 1990 740 has front end sheet metal that is unique to that year only, possibly making future repairs more difficult. The 1991-up 740 shared the same sheet metal as the 940. I guess this is only an issue if you are prone to running into things.

I believe there are some other differences in the transmissions (torque converters) in that some were lock-up types. But I can't tell you with any confidence what years and turbo vs non-turbo, etc., had which torque converter. I don't think it's a big issue which one you get as it seems either one was a good tranny.

There are a number of small differences but the "biggest" one seem to be the availability of SIPS and a passenger airbag in the 940. Also, the last of the 940's was I believe the only ones to get the bearing tailshaft on the AW7X tranny.

Be aware that the naming gets a bit muddle as well. There is a 940SE that is actually a 760 turbo of another name...