Dan, you sure there isn't a 50 oz 5.0 in there? I'll defer to you since I haven't looked in a while...
But you can still put a 28 oz engine (not 32 oz) in your explorer without a huge amount of effort. You can have the balancer machined, or buy a 28 oz balancer and have it machined to accept the sensor ring. DIS would not be an issue in the least. You will use the distributor location for the cam sensor. The only thing you would need to double check is the firing order. If different than yours, you would need to swap cams is all. Personally, if I were you, I would look hard at the 347. That would be an absolute pleasure in an Explorer. Cammed correctly, it should be a torque monster and your biggest problem would be to keep from breaking parts. Put a set of AFR 185 heads on it and you should have 400 hp easy. That is totally docile, impeccable street manners horsepower. That too is a 28 oz motor. I believe JT has a 347 in his car. See how he worked with the balance. Believe me...there are a lot of ways to do this.