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The plastic lower body cladding on the 93-94 LS400 is substantially thicker than the lower body cladding on the 90-92 LS400. Apparently the 90-92 cladding is interchangeable with the 93-94 cladding because back when the 93 LS was introduced, some owners of 91-92 LS400s retrofitted their cars with lower body cladding from the 93 LS400 just to make their 90-92 LS cars look newer. It might look strange if there was a mix of 90-92 and 93-94 lower body cladding on a car.
Yep, it's very high quality molded plastic. If you pry off the lower body cladding, you can see the plastic ribs molded into the back of the cladding to give the cladding rigidity. From my experience, removing the cladding ruins the plastic rivets that hold the cladding to the metal car body ... new rivets must be obtained and used to reinstall the cladding.