You could do a mid to late '80s TBI injected small block, with a 700R4. You should be able to find a complete drivetrain relatively cheap. You could also go with an older small block, w/ aftermarket fuel injection,etc... I would say a carb is pretty much out of the question, due to the emissions requirements of your '94. On that note, getting it inspected could be an issue, as 1st gen Explorers did not have a stock V8 option at all, let alone a chevy V8.
While a 302 is a decent motor, for the same cost (or less), you can go with a small block 350ci Chevy. 48 more cubic inches. Yeah, you could spend some money and build that 302 into a 347 stroker, along with some more performance parts. OR.... you could spend that same money on the 350ci Chevy, and have a fire-breathing 383, putting more power than the 347 Ford, with less stress on the motor. (longer life) Also, when something does break, it's a lot cheaper to fix the Chevy.
Yes, Ford makes some good motors, as well as Dodge; and yes, there are performance parts available for them. The bottom line though, is that there are a much wider array of options for the small block Chevy, and they are usually significantly less expensive then the equivalent Ford or Mopar parts/upgrades. Give any fixed amount of money ($5k, $10k, doesn't matter) to one Ford guy, one Chevy guy, and one Mopar guy. Tell them they can build anything they want with the money, as long as it stays true to the Respective brand they've been assigned. They can use all the aftermarket parts they want, within the budget, but they must be based on their respective manufacturers design/architecture. I guarantee that the Chevy will always come out on top, followed by Ford, followed by Mopar; assuming that the builders have equal knowledge/skills. Why? You simply get more for your money when you are shopping for Chevy engine parts. Followed by Ford; with Mopar having the most expensive parts and with the fewest options.
To FIND: I actually think the Explorer is superior to the Blazer. I've driven various generations of both, and the Explorer always felt more refined. However, the mid-90s Blazers, with the Vortec 4.3L felt more powerful.