Brad,
I'd guess that the '94 is put together similar to my '97 which I had to remove last year.
It's bolted in 3 or 4 places. You have to reach up from the engine compartment to access them and there is one which I couldn't reach, behind the grill in the middle of the transom. I was able to get to it by removing the grill. Behind the grill is a flexible plastic box which the bilge air hoses are attached to. Remove the 4 screws securing the box and you can push it aside to get to the bolt.
It's quite a reach for the bolts - you may not be able to get to them without removing the water heater. I had removed mine since I was replacing the rusted-out casing on it.
If your plywood is as bad as mine was, forget about using it as a template. I had to create a new template with foam board to "fit" the curve on the transom. Used marine plywood to build a new frame and re-used the existing foam and vinyl.
You'll probably be surprised at just how bad the wood frame has deteriorated when you get it off.
Tom Klein
'97 CR250 7.4L BIII
Toms River, NJ