If you can get a sound motor, that might be a good option.
HOWEVER, unless you get another Explorer and see it run, perform compression tests and check the oil pressure... you won't know the condition of the replacement motor you get and you can end up with more problems.
Fixing what you have means you know exactly what you have internally and know the limitations, shortcomings or benefits of your motor. Replacing heads ain't cheap nor is it easy but once done, you could easily double that mileage.
But let's not get ahead of ourselves. The water pump is leaking, that could be good. It might just be the timing cover leaking into the pan due to a severe gasket issue. It's designed not to leak into the pan but it's possible. Another high possibility is the lower intake gasket, that thing loves to leak at the coolant passages going into the head.
First things first, get the oil out of the engine and some fresh (and cheap) oil into it. Perform a leakdown test and maybe a compression test as well. The same hose will allow you to hook an air compressor to the cylinder and see if it holds pressure. In the process of doing a leakdown test, you can hear/see where the air is escaping if the head or gasket is compromised.
For example, if you hear hissing in the intake, your intake valve is buggered on that cylinder. If you see bubbles in the radiator, the head or gasket is buggered. If you take the oil fill cap off and hear hissing in there, your rings are worn. If you hear hissing in the exhaust, that's the exhaust valve. It's a very definitive test.
If the test is inconclusive or you hear no hissing, pressurize the coolant system and see where the leak comes from.
You will need to get some tools to do these tests but they're not that expensive and are the first steps to properly diagnosing the issue and not wasting money.