Don't be too quick to discount the rock crawling technology. Anything that allows the truck to flex will also likely work in the higher speed off-road realm.
I suggest that you do a search here on explorerforum for "Rick" and "pumpkin."
Rick, the board owner, has a highly built Explorer that is equally as capable in rock or desert running, and his truck is perhaps a model example of the best of both worlds.
Camburg is a great place to start- and the Ranger is very similar in all aspects to the Explorer except that it is sprung over in the rear instead of sprung under.
I would definately run the sway bars for high speed runs - but I might be inclined to switch to the Currie bars instead of the factory pieces. The factory bars are set up too stiff for true off-road work, and they will quickly limit travel and also pound you and the truck to death...
What you are looking for is as much travel as possible with a fast cycle time, and a shock rate that can handle damping the suspension without jarring the truck. Then, I would begin gussetting everything to strenghten the parts for high speed passes where the suspension is really working. That adds considerable stress to the truck and suspension mounting points - especially in a vehicle as heavy as an Explorer.
My Ranger truck (86) is set up about half way between Rock Crawler and Desert Raceer. I have actually raced in the SCORE series in northern Wisconsin, so I know some things about high speed running, and I love rock crawling... The two aspects are not mutually exlusive and the Ranger does equally well on high speed passes as it does for slow climbs up almost impossible rock steps.