If the ignition switch was going bad, would it be possible that the dash lights still light up in the "Run" position but voltage was not getting to the ignition circuit? Crank but not start?

 

The ignition switch has four separate "sliders" that engage various circuits as the switch is moved by the key.

The first slider is only powered by the switch being in "Accessory" or "Run", and that powers things like the radio and power windows.

The second slider makes contact in the "Run", "Bulb Test" and "Start" position, and supplies power to all the things required to start the engine (injectors, PCM, gauges, etc - but not the starter),

The third slider only make contact in the "Run" position, and powers things that need to be on when the engine is running, but are not required to start the engine (ABS, fans, air pump, turn signals and B/U lights).

The fourth slider only make contact in the "Start" position, and supplies the starter (starter via clutch switch and theft deterrent relay, DERM module for air bags),

A defective switch could involve any one of those sliders, so they indicate the combinations of things that should work with each key position.

The (free download) 1994 factory service manual covers the ignition switch functions in Volume 2 of 2, pages 8A-10-2 and 8A-10-3.

 

OK, thanks.