I think the closest you could get to 2.92 for the 8.8 is a 3.08 gear. There are higher gears available too. Mustangs used to come with 2.73 gears to increase fuel mileage...but they had more end torque, lighter weight, smaller diameter tires, and low first gear to help overcome the poor rearend gear ratio.
As others have mentioned, your Explorer will be an absolute dog and you'll have to use more throttle to get it moving around town. Get a less restrictive exhaust and cold air intake, and reduce the friction in the powertrain/drivetrain. You could get new calibration programs to make it more efficient: lean out your fuel a little, quicken the shifts, etc.