That's my understanding of the situation.

 

Awesome, do you know what lead to a HP/TQ increase in the later model years? Would a 01 engine be better than a tune corrected 94?

 

The removal of the divider that halves the plenum is responsible for the power increase. Just hacking the thing out of an older manifold will get you the same increase.

 

That's it? Wow!
Is there any other reason I should consider getting a newer year engine than the 94? Or will everything else be the same? Any other noteworthy improvements?

 

The electronics changed, but the engine itself didn't change any.

 

Newer engine might be more likely to have fewer miles?

 

Will there be any missing sensor spots on the older motor in the 2001 truck? Did they add in extra plugs that wont be present on the 94 engine?

 

Actually, you pretty much break even. Only one coolant temp sensor, (two wire) and two O2 sensors, on the 98 and up trucks.

 

Will these being there or not effect operation at all?

 

The second temp sensor was for the gauge in the dash, on the newer trucks, the way the gauges work is totally different, so, that one won't matter. The post-cat O2, on the other hand, NEEDS to be hooked up, else the PCM will whine about it.