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EOC is dead on. It's amazing what putting some aluminum after market heads like AFR 185's will do to wake up that engine. Top that off with a good cam and headers and you will be where you want to be with that engine.
the cam in the 86 motors arent as good as the motor in mine....87-93 or 89-93 had more hp than all the others...so i would recommend getting a cam and some good flowing heads....if i find a place with 2 sets of explorer heads then ill let ya know and u could get them ...haha and dont get long tube headers...they lower your low end torque unless its getting blown or stroked....get some short equal lengths....302's dont put out enough exhaust to use the full potential of long tubes..