My vote depends on what your doing with your explorer...I have a 98 sport, and ran 265-75-16 (just shy of 32" tall) without any lift, and on stock alloys. Initially the only trimming I had to do was on the inside of the passenger side front fender well. After that I only noticed rubbing at full compression in the rear or full locked turns.
After installing the Warriors and TT, there is no rubbing, and the ride is alot better. It is true though about what to expect from the shackles in the rear. At best you may only get an 1" lift, seeing that the leafs are slightly sagging. And you only want to do the torsion twist to bring the front up level with the rear, and gain some wheel travel.
If your budget is just for tires now, and an economical lift, go with the 265/75/16...The cost difference is minimal, and the look is great. Depending on your gearing you probably won't notice a large drop in performance either.