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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.
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.