I liked my two 1st gen Explorers, but the power was low for sure, no drama there except for when the throttle would hang wide open.
I have shopped for 302 build prices, machine work to tons of engine upgrades. The basic stock 302 Explorer engine build will run close to $2000, depending on what used parts you reuse. I'm not the type of person to reuse many old parts, plus the stock 200hp 302 isn't impressive by today's standards. So I'd lean to a modified 302 or a 347. One would run me a good $3k, or way over $4k for the extra 40CI.
That being said, engine builds are expensive, and non stock combos require hundreds more for PCM tuning. So any original engine builds will cost more than the value of the truck, so leave out the thought of resale value.
The later Fords all make much better power, about 50% more in a given V6. I like the NA 3.7 as a good platform which may end up being reliable also. I like the dual injection GDI models, which are 2017 or 18 depending on which engines or models. The 3.7 makes about 300hp @6500, and the 6R trans is stronger than all of the four speeds.
I don't know how any of the late V6's would fit the 1st gens, but I bet it could be as well or a better chance to fit, than the 2nd gens. I hope to find out eventually when I get caught up on things, I'll need a spare that I'm not using to work with. But the cost I see, could be $4k to $5k, depending on who builds the trans and fabricates any of the parts.
I suggest pricing the upgrades you have thought of, and consider that cost versus a late engine dropped in, low mileage, stock, and maybe see 25mpg highway.