You have the 98% of all parts you need to do the swap now, in that donor AWD 302 Explorer.
Make judgements on the condition of each of those engines. Not how the truck pulls, but the overall condition, the mileage etc, of the engines. Both can be used(the short block of the Mustang 302HO only), both have the identical compression, block, crank, rods. I'd use the Explorer 302 unless there is something significantly wrong with it.
When the engine mileage gets to 150k, it's time to replace the timing chain set. Do that if it's close, look over and replace any obvious leaking gaskets, like the oil pan, timing cover, valve covers, intake.
The HO 302 has the best steel valve cover gaskets, take those off and use them for sure. Toss all cork gaskets in the trash, even brand new ones, including the intake end pieces. They will leak sooner or later.
You have to use the Explorer heads, exhaust manifolds, the intakes, the front balancer, transmission, AWD transfer case(or do the BW4406 swap), the front dress(alternator, AC compressor, water pump, PS pump, brackets, tensioner(all of it)). The Mustang engine can only be useful for the core, the shortblock, or the cam which I would use. The HO cam is a little better than the truck roller cam. The Explorer cam is the same one used in the Lightning 351 engines, the same truck roller cam. Ford only made three roller cams for SBF's, the HO, truck , and Cobra cam(slight change(also had 1.7:1 rockers(bigger deal than the cam))).
You V6 Sport Trac has 4WD, the Explorer is AWD, and there is no switch for the AWD. So you won't need your radio bezel with the switch in it. The V6 transmission and 4WD TC will not work behind the V8. They will not bolt up, wrong bolt patterns. The only way to have the selectable 4WD(and that switch), is to install a BW4406 TOD, which is a bit more involved electrically. The manual shift BW4406 is similar but no electrics really, and lots of people have done that here.