I like this old truck, im partial to 1st gens tho. That roof rack is sweet, alot better then these things they are making with conduit LOL.
Im not exactly sure what you could do to save her, maybe a body swap?? Thats easier for me to say, as im in Texas and we dont have much rust. Good luck to ya!
I like it too, my first truck and aside from this brake line, it has never actually left me stranded, and that's saying something especially because its got 181k miles, the brake lines were due to rust, something that was my fault for not keeping better track of, and I actually COULD still drive it, I had brakes about an inch off the floor and they still had enough power to stop me, and I did drive it around a decent bit before getting to the shop.
As far as saving it and body swaps etc. this has been discussed before here, (reference the posts after it was T-boned) As much as I would love to restore it, it just isn't worth the trouble.
The body swap would solve a few of the problems but it needs a transmission (I messed it up a bit more the other day, hitting the gas before it was fully in gear. loud thunk when I tap the gas now audible from outside, though I have run it for like 20k miles with no 4th gear)
The engine also doesn't run that great, terrible gas mileage, rough idle (still can't figure that one out) and sort of weak power-wise
The frame is actually in decent shape aside from some pitting far back where the spare used to be, but the suspension is totally shot, like it is BAD. It needs just about everything other than ball joints and bearings.
Now, even though I say all this, don't think It's getting scrapped.
Eventually, when I have some money to mess around with and fewer projects, the explorer is getting sort of a resurrection. I'm thinking exo cage, lift or SAS (I said eventually don't get tooo exited) Half doors (skinned not tube) and some other fun stuff, what better for a trail rig than an explorer in rough shape you don't have to worry so much about beating up on the trail.