For starters I'd go with a K&N Filter or Filtercharger system (for '94's I think the Filter is the only option). And modify the airbox under the filter with as many holes (mine range from 1/2" to about 1 1/2" in diameter). I could tell some improvement after those mods. I installed a JET chip...only takes about 20 minutes at the most (have to cut a small piece of plastic off of the mounting bracket for the computer)....and I think I could tell a difference in performance. Gas mileage went down about 1/2 mile a gallon though. Was worth it though.
If I had it to do over, I would have serviced my tranny more often and kept some Trans-X in there...every explorer owner I've known has had to replace or rebuild the tranny at some point.
A low temp thermostat helped out too. (not for performance, but mine always ran close to hot and then when I'd be out west, moab and vegas, it would always overheat). I use bosch plat. plugs and accel wires.
I'd also go ahead and switch to manual lockouts...everyone seems to have problems with the autos after awhile. Of course you still have to use the switch to get the transfer case turning, but you won't have the headaches that I've had this winter. Also, I'm sure you'll have to replace the driver side door hinges sometime in the future. Don't worry..they're fairly easy. I'm trying to think about everything I've done to mine over the past four years.....it's now got 246,000 miles on it, so basically anything that could ever have needed changed or modified I've had do.
Randy
Oh...one question though....what mods are you looking for? performance, 4x4, etc.... guess I should have asked that first.