head work, cam, computer tune are the key once the intake and exhaust are opened up.
Some cheap trivks that the OHV reposnds well to:
Get the coldest air possible to the intake
5.0L MAs recalibrated for the 19# injectors
good plugs and wires
Elecric fan if you can keep it cool enough
I have also heard the SOHC oil pan will bolt on and provide you with a better windage tray design. head work and internal mods get EXPENSIVE, so you need to think about realistic goals based on your budget. Building a N/A OHV is expensive for higher numbers.
The 4.0L OHV has low end torque, a solid bottom end a is a engine built for long term reliability and reliable service, so take advantage of those, dont sacrifice them with high dollar parts that have little gain.
Gearing the truck properly is a great way to spend money and take advantage of the low end power band of the OHV. Stock they make most of their power around 2200-2500 RPM, when you being to open the intake and exhaust you also begin to move the power band slightly, you can play with it until you get it where you want it. You want high end, street style, open the intake aand exhaust more, you want towing and 4x4ing low end pulling power, keep it smaller.
I have all the bolt ons and keep it in a very high state of tune and the stock 4.0L OHV block has served me very well, kept $$ in my pocket and makes plenty of power to motivate a BII, a 4 door explorer is alot differnt however.
I would spend my $$ next on a fresh rebuild for the short block with stock style parts, the SOHC oil pan for bearing cap support and the windage tray, have the heads done and install a 4.10 cam. After this its off to the mustang dyno shop for a PCM tune and I will probably have spent my $$$ wisely, making pretty good power, torque, without sacrificing alot of longevity and reliability.
I cant wait!!
my current block has approx 190K miles on it and runs like a scolded dog, It has had impecible maintenece since it was new from the factory and shows little sign of wear.