There is nothing wrong with the SOHC V6. I'm kinda tired of guys "ragging" on it all the time. Sure, its got one "design flaw". The timing chain issue. So what? Nearly every motor has some "achilles heal" or factory "oops". As long as you properly maintain your vehicle, it's not a big deal. Especially after you repair the first time with the updated parts. Pound for pound (or should I say, Liter for Liter), it's IS stronger than the 302. You can make good power with it, with well thought out mods, and still get decent (for the Explorer's size/weight) mileage. Also, with the V6, your not stuck with the AWD. I'll decide when I want 4x4, thank you very much. (ok, yes the Auto 4wd is still auto, but it very rarely "intrudes" unless you're really doing something stupid.)
As for your swap, really, you're ruining 2 perfectly good, running vehicles. Even if you manage to properly complete both swaps,(properly means everything looks/feels/runs/works like factory on bohth vehicles. No wires hanging out, no "extra" switches or "redneck" procedures everytime you drive it,etc... A clean, indistinguishable install)) which I doubt will happen, what have you really accomplished for all the time and money?
As someone else said, the best way to accomplish this swap is to swap titles and keys. Or, one or both of you sell what you have and go buy what you want. Your "friend" would also be much better off just having whatever minor problems hers has fixed, then getting into all this swapping. I'm not opposed to motor swaps/modding in general, but it needs to make sense; and this doesn't.