Explorer 8.8 Rearend???

I'm in the same situation. The fox body mustangs had a 9" drum just like the stock 67' to 73' rearends and its only a 1/4" wider on each side. plus there's no offset in the pumpkin. This is what I'm planning on using. just get a rear from a gen 3 mustang and do a 5 lug conversion, different axels and different drums and your ready to go!

91-94 Explorers had rear drums. 95-up have rear discs. 2002-up have independent rears. I wouldn't bother with a Ranger rearend. I've heard that some came with 31 spline axles, but I'm sure none prior to 2000 did. They're all 28 spline in all ratios from 3.07 up to 4.10. I've seen printed material that shows a 4.56 was available, but I've never actually seen one. Traction loks are hit and miss whether in a 4 X 2 or a 4 X 4.
The Explorer is another story. ALL are 31 spline. I've seen them with ratios from 3.27 up to 4.10 with and without traction lok. Better than 90% of them seem to come with 3.73s and traction lok.

There's nothing wrong with 28 spline axles, but 31 spline are better. If you buy the rearend from a wrecking yard, the Explorer rear will cost the same as a Ranger rear. They all come from the factory with a tag bolted to the rear cover. It tells you all the same info that the tags on the 8" and 9" do. The most important part is it tells you the ratio and whether it's open or traction lok. 3.73 = 3.73:1 ratio and open. 3L73 = 3.73:1 ratio with traction lok for example.

Keep in mind that the pinion location on an Explorer 8.8 is offset more than in the older designs (as used in the Mustang). Some people have found that the "long side" of the 8.8 housing could be shortened to center the pinion. That enables a second short-side axle shaft to be used, eliminating the need to buy something custom-made.