I think the better question is why would you want to.
As a matter of techinal issues the answer is likely no, due to a lack of proper intake.
The 4.2 is a big 3.8. The only difference is it doesn't have issues with head warping. It has issues with the bottom end coming apart, which is why used ones are hard to find.
It still uses a cam syncro, so a 3.8 distributor (so you are looking at being stuck with TFI more than likely) is probably the best bet for finding a dis that fits.
The only intakes I found when I googled Ford 4.2L carb intake are all for the old flat-head V8s. However, if you have the machining skills/equipment you may well be able to make some carb plates and put 6 small carbs on it.
So while just like anything else it is technically possible with enough time/money I don't think you are going to find anything off the shelf to do it. Not even vintage/rare parts like the Offy 2.9 carb intake.
You could probably make/fit a distributor but I would look at staying with an EDIS-6 system with your own controller you can program yourself.
So coil pack, EDIS module and controller, you already have the crank sensor in place
These are alot more tolerant of wet conditions than distributors.
But so is fuel injection, so I am with adsm08 on this, why would you want to change to a less reliable system especially in muddy conditions
You can switch to a fully programmable computer system, for spark and fuel injection
And these have full tolerance for bouncing around, lol, carbs do NOT