Ive seen shops gear for as low as $150 with your parts. For one axle you are looking at spending atleast $300 with quality parts, add in a locker and you are looking towards the thousandths. That doubles with a 4x4.
Before I started rebuilding my 4.0 i went looking for a donor truck with the HO 5.0, i couldnt find anything cheaper then $2500. Some parts of the country you can get them as low as $1500. But if you want a clean job you probably wont end up paying the price of the donor alone, unless you plan on swapping the front clip from the donor explorer.
You gotta figure: conversion headers, conversion mounts, and tailshaft adapter+Tranny soft rebuild if you wanna retain the BW1354, thats over $4k right there... Then if you want to replace any of the accessories, it will add up quick. I think 410Fortune spend all in all $6500 on his 5.0 conversion. If i were to do it, i wouldnt go any other route then how he went about it. Unless I weld in the front half of the truck like CDW is doing, or swapping the front clip like Kris G, then it would be easier to retain the majority of the stock 5.0 explorer parts.
So in reality, making your 4.0 have 5.0 power can be cheaper, but you will still forever be plagued with weak trannies, unless you adapt a c4/c5. If you think you cant make a 4.0 OHV run 12 second quarter miles, tell that to the guys at
www.8secsplash.net, hehe