You have 16x7 rims.
Do just exactly what you want to and enjoy yourself. Many here with torsion/shackle lifts on '95+ Explorers have put on 265/75r16 tires (which are basically the equivalent of 32x10.5) with no problems. There is the possiblity of very minor rubbing in the back of your front fenderwells, which you can remove the inside of your plastic molding inside the fenderwell to clear it. No one will ever notice that difference. Do a test fit with your right front tire at your local tire shop to see if it clears and if so Go for it. There are a few here who bought tires that they soon realized were smaller than what they could really fit.
As far as hourglass figures: well, when I was growing up, Raquel Welch had one and it didn't look bad to me at all. I put 285/75r16s (33x11.5) on my 16x7 rims with absolutely no problems whatsoever concerning the rim's ability to hold the tire. I'll go to 295/75r16s next time. Click on "Gerald's Truck" in my sig line to judge if you think the 285mm wide tires look hourglass ugly (as an aside, "hourglass ugly" tires protect "very expensive" rims on the trails). If they look okay in your opinion, then you'll certainly be satisfied with how the 265mm wide tires will look on yours. It's a matter of opinion and it's your vehicle - do what you like and enjoy your Explorer.
Hope that helps.