I don't believe Senna would have won in 94. In Schumacher's hands the B194 was a good car. It was built for his driving style, so much that Herbert, Lehto & Verstappen found it a very difficult car to drive. As has been pointed out, Schumacher would never have pulled the Silverstone stunt on Senna, wouldn't have been banned for 3 races, and would most likely have wrapped up the title before Adelaide.
Regarding Ray's observations on the legality of the B194, TC was never found on it by the FIA. Option 13 related to launch control, which Ross Brawn apparently proved could not be activated. I recall in Autosport from after Imola that the FIA requested source code from the first 3 finishers, but had difficulty obtaining code from Benetton & McLaren (Ferrari it seems were more obliging, although the finger of suspicion regarding TC had already been pointed their way). When Ford Electronics relented and supplied the source code along with McLaren, both were found to have potentially illegal software, option 13 on the Benetton, and a fully automatic upchange on the McLaren. Benetton were stitched up over the black flag at Silverstone, where the FIA ran roughshod over their own rules in a bid to reign Schumacher in and keep the season alive.
Ayrton may have had a chance in 95, as the Williams was pretty good. I think he stood a good chance of winning that one, then I think he may have called it a day. If he had stayed into 96 he probably would have won that one too. He may have ended up with 4 or 5 WDCs to his name.