I am not a big brake man but I can say that the cryogenically treated slotted rotors for the Explorer are supposed to be good (they are available through Explorer Express I think). I have stock rotors on mine, so I can't say for sure.
I think if you are going to increase the size of the rotor or pad, you are going to have to do some MAJOR upgrades to the rest of the braking system, like the master cylinder and power assist.
What I am getting at is the fact that the braking system was designed to handle the stock size calipers, pads, and rotors, and if you simply upgrade those parts you might end up over-stressing the other parts of your braking setup.
On the other hand, the cryo slotted rotors I mentioned are supposed to bolt right on and work with the other OEM equipment. A 4-piston setup sure would be nice; it's possible to do, but it would be a lot of $$$$ and work I think. Maybe someone who is a brake person can weigh in...