The 94-95 Mustang is close to the same length as the Explorer, still have to change a bunch of stuff but you can keep the harmonic balancer.
I am going to get hooking up the Explorer FEAD stuff next so I can tell you first hand how that goes. One thing I really like about the Explorer setup is the alternator and PS pump bolt on and are easily removable. With the traditional pivet bolts in the Rangers shallow engine bay you start having conflicts with stuff in front of the engine (like the radiator) It is really annoying to have to to pull the radiator to change the alternator and when you are running a pusher fan like me you have to pick on the transmission coolers, efan and grille... not much of a quick roadside fix.
Of all the stuff that changed going to the Explorer setup, the power steering pressure line has me the most nervous.
You could probably make what you have work, you will have to move the radiator either way. I picked up an inch and a half of room with the Explorer pump which brought me up to two inches between the pulley and radiator... you will need more than that for a Taurus fan. I did sneak a flex fan in there.
Yeah let me know how that goes, there is usually a few 5.0 explorers at u pull it. I am not dead set on the Taurus fan, my brother has it laying around and so i gave him $20 for it.