It depends on what you are starting with, and exactly what you're doing. IE what problem are you trying to solve?
If you just have a worn out lock cylinder on an otherwise working (before it broke) Explorer, your best best is a new lock cylinder kit and rekey to existing keys.
If adding a new key to an existing vehicle, whether it is cut to fit the old lock cylinder or both the key and matching lock cylinder are added, it needs programmed into the PCM. Programming can be done via the factory manual method if you have the two original keys and hold them close to the lock cylinder, one at a time in turn to emulate the owner manual method of programming, while the new key has its chip blocked by metal foil, then when it comes time to add the new key via the owner manual method, you pull away the old keys and take the foil off the new key so it can be read.
Other methods of programming the new key with fewer than two prior programmed keys include Forscan app for windows with extended (free) license, or a Ford dealer, or other suitably equipped shop or locksmith. I would want two keys to do this so both can be programmed in so from then on you can use the owner manual method of programming any addt'l keys.
If you want to pull the PCM too and put in the target vehicle receiving new cylinder and key, I don't know which variables have to be the same for both vehicles for it to work, certainly the engine.
If you are trying to transplant an Explorer engine, key, lock cylinder, and PCM into a completely different vehicle, you also need the transponder receiver in the steering column around the lock cylinder and associated wiring back to the PCM, unless of course that different vehicle is a similar Ford that already has a compatible transponder receiver as they are not locked to any security ID or key, are just a fancy energized eletctromagnetic power source and antenna (more or less).