Just a note - the Explorer is classified as a truck; in the mid-90's the emissions standards it had to meet weren't as stringent as for a car. You were right the first time - one reason the 4.6 came into being (since 2002 even in the Explorer) was because it was engineered to comply with ever tighter emissions regs. The 5.0L wouldn't have been able to get there without a complete re-engineering. Ford made a choice to go in a different direction. And given GM's success with the LS1/2 variants, as well as Chrysler's recent 'hemi' boom, there are those even at Ford who are wondering if they shouldn't have stuck with a clean sheet pushrod approach much as GM and Chrysler (hemi) have. It has made for a smaller, lighter power plants that are certainly not suffering in the power wars. (GM's 6.0L at 400HP and Chrysler's 6.1L at 425HP).
The basic benefit of OHC's are 2-fold: 1) it removes the pushrod from the picture completely freeing up intake port size/shape; and 2) valve train weight is generally reduced allowing higher revs, or equal revs with lighter springs (less losses). The downside is size/packaging/cost -- makes for a taller/wider/more expensive engine. All you need do is look under the hood to see how large the (especially) 3-valve or 4 valve mod motors are compared to Ford/GM pushrod offerings. And look at prices for aftermarket heads and cams for OHC stuff (you need two or 4 of them). Most automotive engine designers would tell you it probably only makes sense to go OHC if you're gonna fill up the chamber with valves (4 valve) and take advantage of the breathing capabilities. You'll pretty much see this at work with almost all imported V6/8's - nearly all of them are 4 valve (BMW, Lexus, Audi, VW, Infinity, Honda, Toyota, Acura, Volvo, etc., some Mercedes exceptions in years past). So many scratched their heads over Ford's decision to go with a 2-valve OHC engine. And even Ford has partially remedied that as all mod-motors are now 3 or 4 valve.