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You can install it yes........but as to whether it will operate that engine correctly very doubtful. The old 6.9 IP and the (performance and emmisions) 7.3 (94) IP are different in many respects. For starters the 94 injectors pop off at a higher PSI 1950 and the 6.9 injectors at 1825 so there would be a timing issue there for starters.
It would probably be better to take the IP to an injection servive and have it bench tested.
That would be far easier than swapping the IP to a different engine and then swapping it back.
The 85 IP would start the 94 engine, but since the injectors are not matched to the IP it would not run right. So your test would not prove anything.
Swap the IP and injectors and you would be closer to being able to tell something, but that is a lot of work.
After all that you will be replacing the copper washers and return cap O rings on two motors as well as setting the timing.
If it runs badly you still need to have it bench tested and/or replaced, so why not just do that first and save a lot of work and expense.
not sure, the IP has been rebuilt and it looks pretty clean. i am begining to think that the problem is air intrusion instead of IP. if you go to my other threads you may see what i am talking about better.