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I've gathered that the tuning devices like the quarter horse do a very good job with tuning most OEM PCM's.

Each next generation of computer is a little better/faster than the last. If you are working with a milder engine combination, than what you have should be virtually as good as any newer PCM's and their result after tuning. If you have plans for boost or more serious engine modifications, then a newer PCM might benefit, with easier tuning and slightly better results.

That being said, I like the late 97 Explorer the best for engine swaps to other Fords. That one has no PATS, and it's improved over the 96 to early 97 PCM system.

There's more to those Explorer systems than most people know of, I would avoid it unless you can do the whole thing(the whole front dress(accessories, water pump etc) from the 302 Explorer. Swapping those PCM's into your car would be easier with the actual engine/trans harness, but you could modify your wiring with some time and wiring pigtails. The Explorer has a crank sensor and special balancer(the pulley does not bolt on, it's built in, and set back farther than the Mustang(the 94/95 too)). That would require a modified balancer or somehow adapt a trigger wheel to a balancer. The Explorer timing cover has mounting holes for the crank sensor. The distributor used on those is a cam synch, 96-98 are the same three wire version. If you went that route, you'd have to program out the transmission functions, to stop an error code. It's made for the 4R70W, the 97 PCM is for the analog DTRS trans(pre-1998). The late 97 has external EGR, like the 94/95 Mustangs, with different EGR and sensors.
 

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The OBDII began in 1996 Fords. Most all use crank sensors, the F150's with 302 or351W I'm not sure what those had for a distributor or balancer type. The Explorer 302 was basically one step before the COP systems began in most 99 modular engines. I'd say stick with something that uses the normal SBF balancers and bolt on crank pulleys, that's easier than dealing with a whole new front dress or modifying a balancer as I did(28oz for my 347).
 

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The Explorer 302's all use the same coil packs as the modular V8's, its the same part.

Check on which cam synch you can use, the 99-01 Explorer uses a different kind of signal in those, they only have two wires. BTW, those are not good do use at old age or mileage. Just like a distributor, those will have the bushings wear and squeal, before they lock up. Best bet is to buy the one you need brand new, but only Motorcraft for those. The other brands have bad reputations for having the roll pin shear off. You can buy the aftermarket sensors though, any of those are fine, even used sensors are fine. They are fragile and often removing and old one can ruin it.

The 96-98 cam sync's have three wires.
 

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I'm running a 03/04 maurader ecu with a 96 explorer front dress which uses RZASA strat. I would suggest going over to efidynotunung.com. there is tons of info there about that ecu. Post questions in their forum.
What did you have to use or change from the older engine sensors etc, versus the Explorer, and the 03/04 DOHC engine? I recall Decipha or some tuner suggesting a slightly later computer than the early OBDII PCM's, could easily run a SBF. Being a faster computer, it could be better and easier to tune for some applications.

Also, are you using a return fuel system, or what is it to work with the later type system?
 

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Decipha recommended an 01-03 f150 5.4 wiring harness as the easiest to work with on a SBF, and the 03/04 PCM's from any sedan, the Marauder, CV, TC, and MGM.
 

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Keep us posted. I want that to work out well, my 92 Mark VII I might still be a while before I get to it.

I already bought harnesses from a 2002 Mustang for the whole car. The Lincoln's have far more wires in them than the Fox Mustangs, plus the older system with random relays spread throughout, and none swap. The 94+ Mustangs have the next wiring system, the two possible relays swap anywhere among them, and they are located together. I want the better wiring, the OBDII, and the ability to add a GEM module for some extra functions. The engine wiring I'm going to mesh with an Explorer engine harness, and place the PCM and connectors like they go in a Mustang. I could still use a different PCM and COP parts if that is feasible.
 
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