You've mostly covered the common causes and fixes. Basically, assuming the cylinders are free of carbon (there are some who claim the only way to properly decarbon a cylinder is to pull the heads and scrape it out with a razor blade), ping is caused by the engine running a little lean. So here are more ideas:
1) Sometimes, just torquing the lower intake manifold isn't good enough. The gasket is so far gone that it needs to be replaced.
2) Any other vacuum or air intake leak? Doesn't necessarily have to be a large leak, so it will take some effort to find.
3) I've heard of cases where the fuel injectors needed a good cleaning. They may have to be removed to clean them well (best done in conjunction with replacing lower intake manifold gasket, since they are together on the engine).
4) Most sensors have an effect on fuel mixture. The first thing I would do in checking sensor is perform the self-tests (aka pull codes see tests at
www.dalidesign.com/hbook/eectest.html). The EEC-IV system isn't perfect at detecting bad sensors, but it's still the best place to start. If you get all pass codes, then you can work on sensors one at a time from there.
That should give you some more stuff to do, though it isn't as easy as the common fixes for ping.
One other thought. This all assumes that what you are hearing is, in fact, engine ping. The 4.0 OHV is also prone to other noises that an inexperienced person (I don't know your level of experience) could confuse with ping. Piston slap (which is supposed to be harmless) as well as lifter noises are pretty common. Just wanted to mention that, take it or leave it. As long as you call it ping, I'm going to assume you can tell the difference, but if you're uncertain... just a thought.
I find it interesting that you singled out the Mustang. I don't know all the specifics over the years, but it seems that the Mustang has often shared many of the same drivetrain components as Ranger based vehicles like the Explorer. Those that I know of: Didn't Mustangs use (with modification), the same 5.0 V8, the same transmissions ( the A4Ld I'm pretty sure was in Mustangs), the 8.8 and 7.5 rear axles, the little 2.3 L 4 cylinder, the 4.0 SOHC, the new 4.6 V8? I'm not real sure on some of these, but it seems that, on occasion, someone will ask about swapping diff parts, or ,"what modifications for a Mustang engine will fit the Explorer variant of the same engine."
Anyway, let us know how it goes.