Hey hotshot,
I don't know how I missed this post. I had the EXACT same problem (soot and smoke coming out of the tailpipe, plus CEL) with my 94 several years ago. I've also run into a bunch of EGR/DPFE issues earlier this year.
As for the soot and smoke (assuming you still have this problem), I took my truck to a Ford Dealer (I ignored the CEL for months, then was on vacation in FL, towed a boat from RI at the time the soot happened). Long story short, they replaced MAF, TPS and O2 sensors and cleaned the intake system. Problem solved. Their explanation was that one of the sensors went bad, I ignored it and the computer tried to compensate. With the engine running so poorly, it fouled other sensors. So, you will want to be sure to clean the system and think about replacing the O2 sensors, since they're at the end of the line (in the exhaust).
As for the EGR issue, have you searched this site? Search for "code 327 from hell" and you will see what I went through. I agree that it's most likely the DPFE. Whatever you do, make sure you buy the new part from Ford. There is an upgraded model available (comes with a new adaptor that you have to splice in). I used an aftermarket one, got a few weeks out of it, then had to go with the Ford part. Don't waste money like I did. BTW, correctly troubleshooting the EGR system requires a vacuum pump (I skipped this and went right into part-swapping).
In general, when dealing with codes, remember this. You can go to AutoZone, and they should be able to read them for you. Not all stores will want to work on Gen 1 Explorers (they claim they don't have or know how to use the specific reader for these trucks).
Even if AutoZone doesn't read them for you, if you bring in your codes, they can enter them into their system and print out a long register tape printout, which details the troubleshooting procedure, down to how much voltage you should see on each colored wire in a harness.
Hope this helps. BTW, welcome to the forum!
Mike