I would go with Matt's suggestion of using the cam sensor for a 5.0 explorer, and modifying your existing wiring harness and a custom tune to run the 5.0 with the 4.6 computer. That really simplifies things quite a bit from the wiring perspective, since all the wiring modifications will be done on the engine harness, without having to change anything on the car itself.
Honestly, the biggest issue I think you will have with this is the headers and the GT40P heads. With the spark plug angle on the P heads, the plug wires will burn up on the MN12 5.0 exhaust manifolds, as well as most headers. There do exist headers specifically to run the P heads on a Mustang, but they will at a minimum hit the steering shaft on your car, and may not even fit in the engine bay at all, since they are designed for a completely different platform. Also using the fox Mustang intake setup will make throttle cable setup difficult. My recommendation at this point would be to sell the P heads and get yourself some used aluminum heads like Trick Flow 170s or AFR 165s or something like that. Also choking this off with a stock intake is going to hurt you. The explorer GT40 intakes can be had pretty cheap, and also get the 94/95 adapter elbow, and it will work with a 5.0MN12 or SC throttle cable.
As for the accessories, I would seriously reconsider deleting the power steering. These are heavy cars, and with anything other than drag skinnies up front, you are going to hate fighting the wheel to maneuver. Also keeping power steering will make the belt routing much easier using either MN12 5.0 front accessories, or 94/95 Mustang 5.0 front accessories, both of which are very similar, and both of which will allow you to delete the smog pump and the AC while keeping the stock tensioner, and just using a shorter belt.
-91 Cougar LS, coming soon, complete overhaul
with a 427" Windsor.
-90SC 5-speed, MP2, coated rotors, double intercooler, 15%OD, ported heads, comp stage 1 cam, 85mm TB, 90MM LMAF, 80# injectors, soon to be transplanted into...
-90 XR7 5-speed black on black w/sunroof
-98 Mark VIII LSC, Procharger P600b, TR3650 swap and 3.73s.
-70 Torino GT Fastback project car. Needs EFI and a manual trans, but I'm not sure what motor to go with yet.
-"Your buddy Mike is INSANE!" -ClintD's dad