the dif between the 2 is with it being open only 1 wheel has power to it, with it being locked both wheels have power, Also chase is correct all you will need is
1. 4wd trans, not sure what years the autos differed, I would look into that.
2. Transfer case, personally I would get the 1354 out of a 1st gen so you have true 2wd, unless you want the weird ass auto 4wd haha.
3. front and rear driveshafts, from a 4 door if you have a 4 door. If you do get a 1354 from a 1st gen, then you will need a front shaft from a 1st gen.
4. front diff with same ratio as your rear.
5. front half shafts, CV's. the lower the mileage the better.
6. 4WD knuckles.
7. 4WD Rotors.
*8. the interior trim ring with 4wd switch for electronic tcase
the way i did mine the cheap route was this. started with a locker in the rear tt and shackles....then whent with a body lift for 33's....found a totaled explorer at a junkyard (roll over) and bought the trans, transfercase, and dif for 600 bucks (sat in my garage for 2 months) got the knuckeles and rotors(then came the swap) it only took me an 2 friends 12 hrs over two days to do the entire swap... all together from the time i decided to do it till the time it was done was about 6 months with about $800 but i did not pull the drivetrain myself... i was in high school aswell. My parents told me the same thing, its a wast of time, money and you dont need that etc. etc. etc. they did not support me in doing it and didnt help out at all but the proud look on their faces when i finished was awesome... plus you yourself will have a new feeling of accomplishment the first time you drop it in 4 wheel...good luck to ya an if you need any other info just drop a line..