It is possible, but it is a lot of work and not really worth it. The cheapest and easiest thing to do would be to get an 02+ explorer 4.6 and swap it in. That is an all aluminum PI motor and between the extra 40 or so hp and the weight you lose off the front end, and the fact that it is a direct bolt-in replacement for the engine you have now, it is probably your best bet.
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