Thanks everyone for all of the suggestions and info! I definitely appreciate it!
pjtoledo: For my speed need I have a Lexus IS350 and for a V6 it's darn quick so having a higher top speed in the truck is pretty much a non-necessity. But, getting to the speed limit as fast as possible, I'm always up for that. And sounding good while doing it is even that much better.
This truck is my tinker mobile, something to keep me busy and out of my wife's hair.
My first thought was to turbo the 2.3 but I want to increase the trucks towing and hauling capabilities above what they are currently and do it as cool and efficiently as possible. Not because I need too but really, because I just want to see if I can do it....safely. And I think that a V8 would do it better than a 2.3 turbo. I'm not afraid to say I'm wrong though and I'm always open to suggestions.
I figure a larger engine, stouter axle, better gears, heavier duty springs and brakes should get me at or near a 3000lb towing capacity if not more. If a 4x2 3.0 auto with 3.73's can tow 4100lb I should be able to get near that. Any more than that and I don't think the standard cab frame would support the extra towing weight.
Mac: That's pretty interesting regarding the aftermarket 1541H steel axles. I'll have to compare the cost of a used Expo 8.8 with a Ranger 8.8 and see if the difference is equal to the cost of the steel axles. It could be that a Ranger 8.8 and steel axles may still be cheaper than a used Expo 8.8.
don4331: I'm going to have do some digging on this because I cannot for the life of me picture the spring/shock pads in my head. Do you have an example of or a link to what you are talking about? Is it where the OEM shock mount is actually bolted/welded to the spring pad on some vehicles? I think I've seen that before.....maybe....vaguely.
EDIT: Ooooh! Ok, I think I just found (via a GIS) what you are talking about. So the Explorer spring pack plate and shock mount are all one unit? Nifty! But wait, wouldn't the spring plate be on top of the springs when used on the Ranger (because the spring perches have to be on top)?
EDIT-2: Actually, thinking about this, I don't technically have to do a spring over configuration. I could just stick with a spring under config and go with some lifted rear springs for an Explorer. Jeeps were spring under for a long time and did just fine.
Right now I'm getting all of the bugs worked out of it. All of the things that the PO should have done over the years but didn't. Then my next step is to get the suspension set up (lift spindles, new coils, new rear leafs, all new bushings) and the rear axle situation resolved. Once the suspension and axle are done then it's on to figuring out the engine and trans. And after that it's the "looks" department.