It is just looking at the fact that the cam has to be replaced. In essence you would be stripping this right down to the block, pistons, and crank. He is looking for a cost effective quick type solution. If you get down to this level, you might as well rebuild the one you have.
At that point, all you would need to change for a full rebuild (of the bottom) is to change the frost plugs, bearings and rings. Since you are that close you might as well do it right.
If ID89GT is right about the block being stronger, then I can understand. I would just hate to go thru the amount of work you are talking about with an explorer short block and not finish it out right.
If you grab a mustang short block, the cam is correct, as is everything else that is there, so just bolt everything up and go. Much faster. That is my logic.
One thing I forgot is that he was talking about changing the cam, so if he plans that anyway, it may be a good option. I just caught that in reviewing the posts below. My opinion, changing the cam takes this out of the cost effective route though by adding an additional $300 or so for the cost of the bigger cam and then you will have to replace the cam bearings anyway. At this point you should change the timing chain and gears also. Now you are so close to having to buy a rebuild kit regardless.
Swapping in an explorer engine is simple and cheap.
Changing out the cam can be done without taking the heads off, essentially for the cost of the cam. And E cams can be had for a $100, so that's a no brainer.
The explorer engine is low budget and simple.
Change the cam, valve springs and swap over your accessories and get gt40p ford racing headers, couple other odds and ends and drive off into the sunset with about 265rwhp for less than a grand.
Your theory on getting so deep in the engine would apply to any engine you installed, so basically if you change the cam in your eyes you should rebuild the whole engine?
For the record, machine shop costs in my area are $1200 that's with NO parts. That's more for the shortblock than the entire explorer engine.
The explorer block isn't any stronger, for all intensive purposes it's the same as a 5.0 mustang. Internals are irrelevant because no matter which 5.0 engine you have, the block is only reliable to 450rwhp.
Flashback, yes get a new ford racing timing chain set, should only be $75 or so.
While i would never go out of my way to put gt40p's on my engine, if i was on a low budget and my engine was shot, i would certainly get an explorer engine, swap the cam and drive it.
Stock explorer engines are better than mustang engines, and cost only a few bucks more.