I ran 33" superswampers with 3.27s and a 4.0L for 6 months. It was an absolute dog.
While Im thinking about it, You might as well grab an explorer 8.8 with disc brakes (you can find them anywhere with 4.10s and a L/S). You'll have close to $500 in it by the time your done though. DEFINITELY worth it!
Axle: $250
Hardware (spring seats, u-bolts, shock brackets, gear oil, etc.): $150
Welding- $100 (Caster set at 6 degrees stock, 45 degrees for shock brackets)
Brakes (INCLUDING an explorer master cyl)- $200-250
L/S clutch pack: $100