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You need a hardened gear for the distributor since the Explorer is a roller cam engine. I'd also get some better valve springs, as the Explorer springs are noted for their weakness. A better cam would really complete that engine, but is not as necessary as new valve springs.
Also, the Explorer uses a different balance for the flywheel/flexplate and harmonic balancer. All 1980 and earlier 302s are 28 ounce imbalance, while '81 and up 302/5.0s are all 50 ounce imbalance.
Not only that, but you would need a distributor, as that uses a wasted spark setup instead of a distributor, has a cam sync in place of a distributor, and a 36-1 crank trigger wheel..
I myself would keep the efi, holley makes a plug and play terminator x kit for the 5.0, this one would be a little bit different, but not difficult to modify to work.. the crank trigger is an excellent setup, very easy to go full sequential on those motors (fuel injectors and spark), and very easy to go to a coil near plug instead of a wasted spark it has now..
There's a fella on YouTube who has a roller engine out of a 94 ford Bronco, YouTube Thunderhead289 and he has a 302, mated to a T-5 manual trans in a 1974 F100... I believe he has all the info you need to get yourself started!
You'll need valve springs and new exhaust valves. YOu'll need retainers and locks as well.
The exhaust has a weird rotator mechanism which gives an odd lock height on the valve. Aftermarket valves are better for this - I used stainless Manley valves on my '00 5.0L.
Look at a mirange cam for a truck, the litle 302 will need help with torque. You can cam them up with an Isky 280 Megacam and get 400hp with some mild port work but I'd be much happier with better midrange and, say, 350hp up top.
Either way, definitely doable! I would suggest keeping the modern accessory drive so you have easy parts availability and the nice modern alternator etc.
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