My 2 cents
Automatic: AOD would be nice, there are some good "build up"kits available. I suspect you will also need a Tcase adapter for the BW 1354
MY PRERENCE
Manual: NV 3550 or better TKO
(The nv4500 is simply too big for the 4.0, but if the bolt pattern would be the same - go for it)
AA curently has a 302 to 3550 to D20 (Ford) for older bronco's
Needed:
1) 4.0 liter to 3550 / TKO bell housing & hydraulic cluth kit. (It would be best to use off the shelf clutch components, probably for the 3550 with a modified fly wheel to obtain the correct bolt pattern.)
2) 3550 / TKO to BW 1354 Tcase adapter.
The 1354 isn't an Atlas, but it isn't bad either.It is a good intermediate solution. Theother option is the Dana D20 for Ford applications. AA already has an adapter for a 3550 to D20. The D20 does not have a great low range (2:1), The low gear kits for the D20 are advertised for the jeep version, I don;t know if they will work in the ford version of the D20.
TCase Issues:
The larger Tcase (BW 1356) in the F150 and full size Bronco require frame and Tcase modification to fit the narrow Explorer frame. The Tcase is approx 17" wide (horizontal) from the drive shaft centerline to the end of the casing. This means cutting the frame and shaving the end of the Tcase to make it fit. The front drive line will still be offset to the driver side by several additional inches (approx 3") - the drive line offset of the X is approx. 9" while the 1356 offset is about 12" Another solution would be to rotate the Tcase so it drops down lower, but this results in ground clearance issues.