1:33 minutes should be fine. But the separate luggage pickup at the railway station is AFAIK only if you have a Lufthansa Exress Rail ticket. So you probably will pick up your luggage where everyone else does. Not that it matters that much. I for example walk as fast with as well as without luggage, so for me it would not save time. (Are there still people travelling with suitcases that do not have wheels on them? )

When connecting Plane to Train at FRA I always either try to get Rail&Fly add on to my plane ticket, or a DB Flexpreis train ticket, and just jump on the next train that I can get after landing. I have made the transfer in half an hour in some cases.