The 302 block is the same in the mustangs, trucks and explorer. The explorer differs from the other too largely because it has short from accessories (waterpump, alternator...)
Guy Groves has an MR52 behind a V8 in a 92, you may want to PM him. He posted this a while ago:
The M5R2 came on a number of Ford vehicles (Full size Bronco and F150 have a 3.91 1st gear) behind the 5.0. Used ones arn't too expensive, rebuilds are available for about $850.
The M5R1 is a light duty trans for V6 engines. It will not hold up behind a 5.0. Making your own plat adapter won't work. If you do that the transmission input shaft will not fit inside the crankshaft properly, and the hydraulic slave cylinder will not have the proper throwout length.
If you are serious about the 5.0 conversion then:
1) The M5R2 has served me well so far (I currently have a little over 7K on my 5.0 conversion). It will fit without a body lift, BUT you will need to lift the body to get it in, or modify your transmission well.
2) The hydraulics will work with one exception. The M5R2 has slightly different slave cylinder connection fitting than was used on the 91 & 92 Explorer M5R1 trans. All you need to do is replace your hydraulic line with one from a 94 explorer (The later model M5R2 used the same fitting as the M5R2) or from a full size Bronco or F-150. When I did my conversion I coulden't find a good hydraulic line at the junk yard so I broke down and bought one from Ford for $60 (ouch). Bring in your new slave cylinder to make sure you get the right fitting. You will have to bend the hydraulic line to make things fit.
3) The transmission to transfer case adapter made by Advance Adapter ( Full size Ford Trans to BW 1354 T/C #50-4502 ) is also available from Summit Racing at a discount ($355).
4) The shifter location
This is a bit of a problem, but there are some solutions available. The shifter will come up through the floor under the ash tray.
Solutions:
A) Make an compound curve (S shaped) shifter to clear the dash board / ash tray area.
B) Find a good transmission shop with lots of spare parts. Have them look for a a transmission Top Cover from a late model M5R2 (from behind a 4.6 modular V8 that also has the steel shift rail forks - they came from the first F150's with the modular engine.) This will set the shifter back about 2" inches, just enough to clear your ash tray. (This is what I did).
5) You will need to fabricate a new transission cross member, primarily for front drive shaft clearance.
You do have another option - ZF transmission. This is a BIG sucker and is twice the weight of the M5R2. It is also much stronger, has optional power take-off ports, and much lower 5.xx 1st gear. It will require additional transmission well /fire wall modifications to make it fit, and possibly a body lift.
Let me know if you plan on using L&L products for the motor mounts and headers. I have good and bad news.
-Guy