Welcome to the CAC!! You'll get lots of help here just by asking. Great color on your 94!! Only 116 Copper Metallic cars were built!
You can check out the Tech Center and go to the Model Center to get some neat stats for your car:
http://www.corvetteactioncenter.com/specs/1994/94prod.html
What temps are you seeing in traffic? Typical temps in slow city traffic can run between 195 to 210 and even higher in hot weather. C4's are "bottom breathers" in that all of the cooling air come in from below and behind the front license plate. It's very common for this area to get full of dirt or debris like paper, leaves, the neighbor's cat or small Honda's.
Look up under there and pull any chunks off the front of the A/C condensor then take a garden hose and flush the radiator with a soft stream of water from the back side. There is room to stick a nozzle in past the cooling fans on the radiator shroud.
Lack of heat from the heater and overheating while stopped may mean not enough coolant in the system. Is the "Low Coolant" light on the DIC on?? With the engine cold, remove the pressure cap from the expansion tank and check the coolant level. The correct level should be just below the rim of the opening so fill as necessary. Use a 50-50 mix of coolant and water. Start the motor and let it run until the temp gets to where the thermostat opens (195 for a stock 'stat). Increase engine speed to about 1100RPM and see if the level in the tank drops. If it does, add more coolant and then replace the cap. Also add coolant to the overflow bottle in the right front corner to bwtween the cold and hot marks.
Another possibility is an air bubble or pocket in the system. The system is bled by opening a bleed valve on the thermostat housing. It's a brass slotted screw head and can be seen from the passenger side. Open the valve to see if a steady stream of coolant flows out (NOTE: don't let too much coolant out as it may fall down onto the OptiSpark distributor and cause it to fail.).
Do the electric fans come on?? The primary fan should come on when coolant temp reaches about 218 or so and will run till the temp goes back down to about 195-197. The secondary fan comes on at around 228, Also, turning the A/C on will force the secondary fan to run so that's an easy check to make for operation of that fan. Both fans are powered by relays and are controlled by the ECM. Sometimes a relay will fail and not allow the fan to run.