building a budget rear

Correct me if I'm wrong...but late model (not sure what years) explorers had a 31 spline tracklok 8.8 with 3.73 gearing, I'm pretty sure the V8's did but I am not sure about the V6's. So this should be a direct replacement upgrade for a mustang when combined with 31 spline axles. If this is true what seals would need to be replaced, is there a ford rebuild kit that would be needed during this swap if so does anybody know that part #? I am not familiar with doing rears. A buddy of mine has done rears on mustangs before and will do it as favor but I have to have all parts on hand 1st. If I'm impretion is true I should be able to do the rear for less than $500. Thanks in advance for your input.
 
Your right on the Tlocks.
You'll need axles, also plan on getting ABS rings they seem to snap for something to do. I'd also suggest getting the master bearing kit, I think they're around 80 they inculde everything to install the gears and new bearings.
http://www.mustangtuning.com/rearendrebuild.html
Some people rebuild the tloks and add "extra" springs I don't know only read. Hopefully someone else will chime in.
Of course you'll also need all the fluids/friction modifer items you would need for a gear change anyways.
Personally I now wish I had waited and upgraded my axles and diff when I did my gears. Sounds like you got your head on strange.