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You don't need to change the water separator on the 1992, all you do is rotate the little wheel at the bottom to drop off any water.
It is also a good idea to clean the bottom of the bowl every time you change the Fuel Filter. A lot of stuff settles at the bottom of the Fuel filter bowl (other than water) and it is a good idea to clean all that out. Depending on the qualilty in your area changing the fuel filter every 25k is a good idea anyways.
Worst case would be if your "Water in Fuel" light came on. If that happens make sure you treat your tanks with a good water dispersing fuel additive and change your filter right away.
Getting water into you IP or injectors can do a lot of expensive to repair damage.
Sometimes it is a good idea to change the filter rather than try to drop water using the wheel because if there is any solids in the bottom of the bowl you may risk getting solids trying to drain out stuck in the seal and the filter make pull air thru the seal leak should it occur.
What is your vehicle application knapickmichael? Your owners manual should shed some light on service intervals. I like to do mine every 5,000 miles. If your engine has the spin on style of fuel filter, simply take it off similar to an oil filter, ensure you can capture any leaking diesel from underneath. Unscrew the metal bottom portion from the filter. Replace the O-ring between the metal bottom portion and the filter after coating the O-ring with transmission fluid. Screw the bottom metal piece back on the fuel filter and fill the fuel filter with transmission fluid. Ensure the filter is full after letting it soak in, screw the fuel filter back on the fuel filter bracket. The schrader valve (looks like a tire valve) located on top of the fuel filter bracket can be opened for air to escape while cranking. My experience has been, if the filter is completly full, starting the truck as soon as possible, helps alot! That has been my experience, for what is worth.
my 94 been sitting a year and i had my water in fuel light come on and i went drain the tank and install new filter and fill the tank up and a bottle of diesel clean.