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The easiest way to go about this would be to try and find an Explorer that has a 302 and has been wrecked. Buy it so you would have everything there. You would have to change the engine, motor mounts, tranny, PCM and wiring harness, driveshaft, maybe the radiator (not sure which comes w/ the 4.0), and a few other things.
Hopefully fauxexplorer will see this and chime in - I know he put a crate 302 (modified some) for an Explorer into a Ranger, so he could be very helpful.
I think if you could find an Explorer w/ everything, that would be your best bet. Buying everything separate could get costly - almost to the point that it would be more feasible to buy an Explorer with it already setup..
Thanks for that Cobra, but because I live in New Zealand, the chances of finding a 302 Explorer unmarked let alone wrecked is pretty limited. Is there some way of using a stock 302 351 V8?
Any 302 will fit, just don't use a double sump oil pan (like on the Crown Vics). You do have to use the slim waterpump and access. that are designed for Explorers, along with the front mount oil filter. The 351's are a very, very tight fit because of the extra width of the engine and headers. Next would be depending on if you go electronic fuel injected or carbed. With the efi and a standard Explorer PCM, you have to use the 4r70w because the Explorer PCM codes will only accept automatic tranny's with the V8's. You could use a Mustang PCM and use a 5 speed if you wanted...