The later compressor probably won't fit onto your engine unless you also change the cast Aluminum bracket. If it fits, either will work fine, but obviously: the later compressor is preferred.
It's not the compressor that's incompatible - it's the older mineral oil in the system, so you must do a complete evacuation/recovery (take it to a pro), disassemble the system (it's pretty easy), pour in the flush chemical (~$20 for a bottle), blow it out, then reassemble putting 1/3 of the new oil charge into each of the compressor, condenser, & (NEW) accumulator. Then another evacuation before charging with 2 lbs 6 oz (30 oz per TSB94-19-20) of R-134a (Suva).
R-134a requires a red orifice tube for proper operation. Variable orifice tubes are also available, but they have not been shown to be worth the money.
97-10-05 does recommend +4oz of oil, but 97-15-05 specifies 7oz for '94-95 trucks & 11oz for '96, so I'd use about 10oz total.
AFAIK, only R-134a has passed the SNAP requirements for retrofitting into mobile A/C systems, and Ford advises against any other. I expect any supplier of a new/reman compressor will also stipulate R-134a for warranty.
It's actually PAG-46 that Ford requires. There is no PAG-47; just -100, -150, & -200.