I believe there's a guy selling kits on eBay to adapt a supercharger from a Nissan Xterra to a Ford 4.0 SOHC, and I think with some work they could be made to work with the OHV. If I recall correctly anyhow, it has been a while since I was researching that stuff. I believe I priced a complete supercharging solution at around $1200-$1500.
Spdrcer34's Throttle Body mod is a great free power adder if you are comfortable with a dremel. It can gain you mid to top end power and costs nothing.
Throttle (gas pedal) cables get stretched out over time, keeping the butterfly from opening fully. A few zip ties fix this. There's a reason the repair/mod is called 50 horsepower for 5 cents.
With the stock airbox, you can cut holes in the bottom of it to allow more air in. A high flow cone style air filter runs $30-40 at a store and is easily adapted to the MAF for under $10 in most cases, and the intake ducting can be replaced with PVC pipe or a full chrome tube kit from a parts store for very little cash.
For free you can make your TPS (throttle position sensor) adjustable, and calibrate it to sync the computer's view of the throttle position with the actual position, potentially improving idle and throttle response if yours was out of adjustment as some are.
That's a few of the cheap/free mods I know of, searching the forums will yield instructions and more mods like these. Ultimately if you can afford to spend the money, you can make the 4.0 OHV or an installed 5.0/5.4/SBC produce lots of power.
The first gen Explorer's weak spot is the transmission. Manual and auto versions are weak, while they can last many miles on a stock truck, they don't like much more power. Even if you keep the motor mostly stock, a tougher tranny like a built 700R4 with an adapter from Advance Adapters is a good investment.