For me in terms of Test cricket, nothing will top the zenith the test side had reached in early 1999, during the test tour of India and the following Asian Test Championship. What a year 1999 was until the fateful day of the World Cup Final at Lords. I don't think Pakistan have ever reached those heights again.
Disclaimer: I have faint memories of the 92 World Cup, I remember the important moments, I was seven then. I do remember being the biggest fan of Wasim Akram, from the first moment I saw him bowl. He was having an average tournament but I stuck with him as my favorite player and boy did he deliver in the final.
But I wasn't an avid fan of cricket back then and not until the 1996 World Cup was I a cricket addict in the truest sense, but 1996-99 were some great years for me as a fan of Pakistan cricket, talent was pouring out of Pakistan, and the cricket being played at times was just amazing. People who after sow starts complain that we are stuck in the 90's, clearly they never saw Anwar and Sohail open in the 90's and then later Anwar and Afridi or Ijaz and Afridi ripping India to shreds at the Gaddafi. Mid to late 90's Pakistan cricket was at it's imperious best never seen since. 100 in the last 10 overs was expected and anything short was a disappointment. Even when defending targets ike 150-160 you never lost hope, because Wasim and Waqar could take out any batting line up on their whims.
I never saw 87-88 Test team so I can't comment on how good they were, but the Pakistan team of the mid to late 90's wasn't just good 1-11, it was full of world class match winners who could all walk into any team in the world and improve it.