You'll definitely need a class III hitch, 7-pin electrical and a brake controller (prodigy is good choice). You don't need sway control but you will want a WDH. Many on this forum swear by the Equalizer which gives you sway control anyway - but some believe sway control is not a good idea since it may mask a real towing problem. I don't know if you need a transmission cooler. I haven't seen it mentioned as part of the Explorer tow prep package so maybe your vehicle already has one, esp. since it's a 4x4??
I'ts not clear exactly what brings the tow capacity down from 5700# (I read 5350 for the 4x4 somewhere) to 3400. Certainly the class II hitch receiver would do that on its own pretty much, but it not clear what contribution the rear axle ratio has, if any. The higher ratio is obviously better for towing, but perhaps you can compensate by being in a lower gear when towing (while enjoying the better mpg when not towing).
Your wheelbase is better than most in the "Is my TV adequate?" category
Even when brought up to the 5000+lbs towing spec, your TV will fall in the generally-agreed category of "won't know the TM's there on the flats of the East and Midwest, but will know it's there on the hills; and expect to be pretty uncomfortable towing in the high altitudes and steep grades of the Rockies and Sierras".
-Paul
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