Sorry, I don't mean to scare you off from the T5 swap project. I just want you to be aware that there is more to it than just finding a "T5" trans.
Also, You may need to do a little more searching. I know there are some Explorers that have done this, find out what they experienced. I would also suggest you check out the transmission shops on the net and others for waht they can offer. Also check out the mustang and "hot rod" sites. You should find lots of discussions about the T5 because of its abundance.
My experience with the T5 is from past Mustang ownership and friends that used them on the track. They are very popular, and people also complain about them.
That being said, there are MORE complaints about the M5R1 in the Explorer. I would say that the T5 is a better transmission. Is it worth the swap? I don't know.
The T5 was used behind many of the Mustangs - all engine configurations (4,6 and 8 cylinder). The T5 was also used in GM vehicles and others. So the good news is that there are lots of them. The bad news is being able to find the right one. You don't need to use a WC T5, but I would suggest it. There are many T5 models that will have the correct bolt pattern. The adapter lies in the bell housing to engine bolt pattern and the front inputshaft diameter and length.
There should be a tag on the transmission to identify which model it really is. Find out what codes you want.
You also have the option of rebuilding tha transmission you get from a junk yard. I would expect the parts cost to be pretty reasonable. A rebuilt WC T5 can be had for about $1200.
The most common problem (that I experienced and heard about) with the T5 is the shifter and syncronizers. They do NOT hold up under ABUSE(power shifts on the street and track). You can make these repairs youself.
The drive shaft components are notable better than the Mazda Trans. which has something like a 5/8" main shaft. I don't remember the size of the T5 shaft. They do break, but this is usually at the track or with serious street racers where they get considerably more HP and abuse than they they were deisigned for.
Here is a list of T5's that I found at one time:
(The M= medium duty, H for Heavy Duty)
T5 (M) 4.03/2.37/1.50/1.00/0.86/3.76R Jeep '82-83, 4 cyl., GM '82-84
T5 (M) 4.03/2.37/1.50/1.00/0.76/3.76R Jeep '82-83, 6 cyl., GM '82-84
T5 (M) 4.03/2.37/1.49/1.00/0.86/3.76R Jeep '84, 4 cyl., Ford '83-85, GM '82-84
T5 (M) 4.03/2.37/1.49/1.00/0.76/3.76R Jeep '84, 6 cyl., GM '84-85
T5 (M) 2.95/1.94/1.34/1.00/0.73/2.76R Ford '83-84, also '85 up WC version, GM '82-85
T5 (M) 3.76/2.18/1.36/1.00/0.86/3.76R Ford '83-85, GM '82-84
T5 (M) 3.76/2.18/1.42/1.00/0.72/3.76R GM '85 up
T5 (H) 3.35/1.93/1.29/1.00/0.68/2.76R Ford '85 up World Class (WC)
T5 (H) 3.97/2.34/1.46/1.00/0.85/3.70R Ford '85 up WC
T5 (H) 3.50/2.14/1.39/1.00/0.65/3.39R Ford '85 up WC
T5 (M) 3.50/2.14/1.39/1.00/0.73/3.39R GM '85 up