Your options are kind of limited for lowering a 1st gen Explorer, easily/cheaply, while still maintaining decent driveability. The suspension design on these; especially the front, just isn't very accommodating to lowering.
If you really want a lowered 4x4 SUV, then I would consider selling your '93, and buying a 2nd gen Explorer/Mountaineer ('95-'01) (the easiest/cheapest to safely and effectively lower-within reason), or even a 3rd gen (although lowering them starts to get back into the more difficult/expensive side of things, but handling can be greatly improved-due to the more sophisticated suspension design.)