OKay here we go.
IN CA as long as you go with 92+ emissions equipment you will be legal.
Meaning if you use a 93 Mustang 5.0L and keep all the emissions stuff with it = legal
If you use a 96-01 Explorer 5.0L = legal
My 88 started life with a 2.9L V6 and 5 speed trans. I then converted it to a 93 4.0L V6 and 5 speed trans. Then I converted to a A4LD automatic. A few years later I converted to a 97 5.0L V8 and auto trans with a 3 Explorer transfer case.
Basically my Bronco II was almost identical to your 92 explorer when I started my V8 conversion.
You can check out my 5.0L conversion thread, be warned its a few pages long

There is alot of "jibber jabber" in there as well as great information. Scan through it and it should give you an idea of what you are in for.
IN 96 Ford put the 5.0L into the second gen Explorer. When they did this they made it 50 times easier for you to fit a 5.0L under your hood and pass CA emissions.
Good luck! this would be a GREAT father son project, heck my dad helped me a couple times when I needed a second set of hands and I am in my 30's hahaha
Let me know if you have any questions, there are MANY ways to do a 4x4 5.0L EFI conversion into your 92 Exploder, lots of research will help you decide which route to go. I researched this conversion for many years before I did it, including helping a friend and seeing many 5.0L converted Rangers over the years.
My conversion thread is in my signature.
Good luck!
FYI it took me about 6 months, basically because I was always waiting for more $$$ and parts. I spent a total of approx $6500, but thats witha $400 custom radiator (Explorer has more room then a BII), a $800 trans rebuild/conversion and the $1500 initial 97 GT-40p 5.0L drivetrain.
My BII now has approx 330 ft lbsof torque and it shifts and drives better than EVER. It has been my daily driver for almost 11 years now and driving it every day reminds me that it was worth every $$$$.