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Sounds like a "mixture" or fuel trim problem. That's a typical symptom for a Mass Airflow Sensor (not sure if 94 HFM systems use MAS or Air Mass Meter, but they're not that different in their purpose) gone bad. It could be an O2 sensor as well. My understanding is that under cold start, the system is not "actively" working using the MAS and O2 sensors. They come into play when the engine is not under cold start conditions.
Are you getting a check engine light?
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