This has been discussed here more than once. At the risk of oversimplifying:
The Explorer rearend is the same width as the 67-70 Mustang. However, the pinion is offset to the passenger side a couple of inches. The large pinion flange sometimes rubs on the tunnel. In order to get this one fit better, there would be a couple of options.
1. Swap the Explorer pinion flange (4 3/4" dia) for a snmaller diameter one from a Fox Mustang (4" dia).
2. Shorten the long side of the Explorer housing and "stretch" the short side so they are both equal and buy a set of custom axles.
The Explorer rear is better suited for a swap into a 65-66 Mustang. It's an easy and cheap job. Shorten the long side of the housing to match the short side and get another short side axle. From there, it's a matter of welding perches and bending brake lines, which you'd have to do no matter what rearend you swapped in. Or you could try what I'm doing. Shorten the long side to match the short side and weld 9" Torino style housing ends onto both ends. Get a pair of 81 F100 31 spline axles (the ones with 5 X 4.5" bolt pattern) and cut them to about 28." You'll end up with a rear that is about 1/2" shorter than the stock 65-66 length.
One drawback is the Explorer axle tube diameter (3 1/4"). I haven't checked into it yet, but maybe the Explorer shock plates can be made to work. The Mustang plates would have to be redrilled and may not have enough meat to cut. I know you can buy aftermarket plates that are slotted for large diameter tubes, but they're $140. I'd like to hear what others have done for the shock mounts.
Whichever you go with the Explorer swap, short of buying new custom axles, you can do the WHOLE thing for under $600. Shop around a little and you can easily find an axle with 3.73s or 4.10s AND traction lok. No way you can duplicate the setup in a 9" for the same money.
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