This seems to be about fuel economy, rhetorical.
Hundreds of other threads have gone over this. Al is well beyond most everyone here. He has shown by example what various changes do. My best suggestion is to work on many of those things first. Tons of typical efficiency upgrades will gain a whole lot more fuel mileage than any gearing change.
These are Explorers, they weigh 4400 pounds or so, they are nothing like a Mustang or any other efficient vehicle. The gearing is absolutely critical for efficiency, just as it is for towing and big 4WD tires etc. A 2.73 rear gear is not going to work like it has or should in countless older cars that weighed far less, OD or not.
Here is my example, learned about ten years ago. I owned a 91 4WD Explorer(3.27's) and a 93 4WD Explorer(3.73's) at the same time. Those were identical engines, weight, trans, and size. The 3.27 Explorer gets poorer mileage in town, and on the highway. It simply uses more gas fighting the poorer gearing. My 93 Explorer did as well as anything I have had on my mail route, better in the city, and over 21mpg on the highway(1100 miles to SD). I took equal care of both, the conclusion is very simple. The 3.73 gears are better for mileage in the 1st gen 4WD Explorers.
The engine needs to be near its power band, 1600rpm is too far away. The best fuel economy will come when the least throttle is used, and rpm is a few hundred rpm below the peak torque. Stock engines will have PT in the 2500-3000rpm range, so shoot for something around 2200-2400rpm at cruise.
Using any real throttle while cruising to gain speed or maintain speed, that kills mileage. You may think that the short second or two with a little throttle is no big deal, that is wrong. I have watched the affect of driving on flat roads, versus a little throttle needed to get up a slight hill, versus letting the speed drop on hills.
I have owned a bunch of vehicles, I keep all fuel mileages for every tank of gas, for all of my vehicles. I know when something is changing, it points me to when maintenance is needed. I also have had several with OEM message centers, showing instantaneous fuel mileage.
What kills fuel mileage is having to use more throttle than 5% or 10%. Learning this takes experience, and having a tool to monitor the MPG with. I have been where you are, you "know" that you are right, and everyone else is wrong. You are unstoppable in that thinking, and you will see the error in that thinking, soon.
We are only trying to save you a bunch of money. I would suggest doing the hundreds of dollars of other things first, you may be happy with 20mpg all around mileage. If that isn't enough, swap to 3.73's(or up one or down one), depending on your new goals and power levels. Good luck,