Oh and BTW, can anyone tell me the GVW of GM's camaro/firebird? It's 4500 lbs and will smoke most any 5.0 production mustang out there.
You want curb weight, which in 96 was 3400 lbs, and that was approaching its heaviest... GVWR is the MAXIMUM weight of a vehicle when loaded with cargo. The GVW of a 5.0 mustang is also around 4500 lbs, and I seem to recall that from the factory, they run about the same time as a firebird when you have them both in the normal V8 trim.
As far as the engine stuff goes... well, talk to an engine builder or look at what the guys on the mustang boards do when they use explorer engines for cheap builds. HiPo cam, swap out valves and springs, machine the heads, upgrade valve seats and bolt everything on top, onto the lower half of their original engine.
I don't care what you do with your truck, but lighter isn't the only benefit a 2wd has. The AWD transfer case REALLY wastes a lot of the power that can be going to the wheels. That's half the reason some guys on here swap to the 4wd transfer case, to get all that extra power down to the ground. I'm not getting down on you for wanting to enjoy your truck, I was just trying to recommend some things to you. What you want to believe is up to you.
It isn't like I said that modifying your truck is stupid. I said if you want something fun on the street, you should lower it, stiffen it up, and consider getting rid of the AWD. I live in South Dakota, so I know a thing or two about snow and ice, but I got by just fine for YEARS with 2wd. My last explorer was a 4wd first gen, and I only ever used the 4wd a couple times, and that was for mud. I will grant you, I love the way the AWD performs in the snow, ice and wet, and that is the one thing that has kept me holding onto my AWD too instead of going 4wd. But, I'm giving up a lot of power and pep for this.
I'll tell you what I have done with my truck though. I did swap in an e303 cam, because I find them to be nice mild cams for a DD, and a more aggressive cam would need different springs, plus I happened to have one I wasn't using. There are better cams to use though that don't require changes to the valvetrain. I also swapped out to an electric fan. My truck is on all new suspension, and most of it is fairly upgraded compared to the factory. It does make a difference too. However, I am at factory ride height, and used to have a mild lift in my suspension, because I do use my truck to go offroad. If my explorer was a street only explorer, I would drop this ***** down a couple inches faster than you can say wheel gap, just because it would net me a little fuel mileage and a lower center of gravity/more comfort. I've got torque monster headers for my engine to breath out of, new magnaflow SS cat pipes dumping into 2.5" exhaust to keep things quiet.
But hey, if you think us car junkies who look forward to visiting a forum that revolves mostly around modification are getting down on you for wanting to enjoy your truck, you can believe that. Honetly, we are just trying to help you along the way.