For a handheld that will do what you are asking, I just found a device that sounds pretty good. It's an Actron which is a very decent brand.
OBD-II C.A.N. AUTOSCANNER TRILINGUAL CODE READER
For $99.99 you get: (The advertising, not my description or endorsement)
The next generation of Actron® Scan Tools—designed by and built with market intelligence derived from you, the consumers!
Has more functions and benefits than other code readers currently available in the aftermarket. Users can choose to view screen data in English, Spanish or French
OBD II AutoScanner easily retrieves diagnostic trouble codes (DTCs) and code definitions from your vehicle's computer, leading you to the problem area.
Use on all 1996 and newer OBD II compliant vehicles: North American, Asian and European. Tool is compatible with the new C.A.N. (Controller Network Protocol) system.
Features:
-Displays freeze frame data ("snapshot" of the operating conditions at the time of the fault)
-Review data off-vehicle
-Battery Powered
-Reads and erases Diagnostic Trouble Codes (DTCs) and turns off check engine light
-Retrieves all Generic OBD II trouble codes (P0), their definitions and pending codes
-Enables user to quickly and easily link to their vehicle
-Large easy-to-read LCD screen provides the Diagnostic Trouble Codes and their descriptions
-Tool is updateable, accommodating future vehicles with the USB Cable (sold separately, item # ZX295163)
Extremely user-friendly menu provides:
-Monitor Status and I/M Readiness to determine if vehicle is ready for an emissions test. I/M Readiness is an excellent function to use prior to having a vehicle inspected for compliance to a state emissions program. All emission testing facilities will fail a vehicle which has the "check engine light" lit at the time of the test.
-Alerts user to any pending Diagnostic Trouble Codes (DTCs), and reads Malfunction Indicator Lamp (MIL) status
-Menu-driven interface combined with "hot keys" for Read and Erase functions for quick and easy use
Includes CD software that contains an additional 3,000+ Diagnostic Trouble Codes (DTCs) and their descriptions. Attached OBD II 16-pin connector cable provides both data and power connections. Comes with 1-year manufacturer's warranty. 8 ft. cable has rugged housing and is oil and grease resistant. Assembled in the USA.
Internet updateable to accommodate future vehicles using the USB Cable (sold separately, order item # ZX295163).
If it covered the 1st Gen Explorer, I would get one myself! I may do that anyway for my wife's car and any future vehicles I get that it will read.