Well that largely depends upon whom runs. Perot, to my knowledge, did not endorse any congressmen or governors during the 1992 election, and he did not form the Reform Party until 1995. If the party is formed in 1993 though, whom could run? Some likely candidates would be:
Jesse Ventura
Donald Trump
Angus King
Joseph Lieberman
John McCain
Ralph Nader
Dick Lamm
Now could these candidates win in 1994? They would have to establish themselves to their proposed constituents while appealing to “The Perot Coalition”. Some had already held office or currently were, and others would be political outsiders. If Perot was smart, he would focus his energy upon winning midterm elections in states he did well in (ex. Maine, Alaska, Nevada, Minnesota, etc.)
Even in 1998, the Reform Party got more votes in the midterms than all other third parties combined. Reform winning a few seats in 1994 wouldn’t be that crazy. It was not until 2000 when Pat Buchanan lead the party towards Paleo-conservatism (which was so controversial among party members they held a second convention to nominate John Hagelin, an incident that went to court and had to be straighten out by the FEC), that the party started to “die.”
But that exact infighting might just be what would’ve doomed this potential 1994 Reform wave. Dick Lamm’s fans formed their own party in 1997 after they accused Perot of stealing the nomination from them. And the 2000 Reform Presidential primaries were infamously hectic and toxic. There lied the reason the party died, not because Americans hated the idea of third-parties, but because any crank could run, without approval from Mr. Perot. Could we see David Duke run for House of Representatives in 1994 on the Reform Party ticket? Or another fringe candidate that would hurt the party’s brand as a whole? Perot would need to know how to avoid bad press in such a scenario.