The P heads didn't come on Explorers until mid-1997. Before that were the regular GT40 heads. One could buy a pair for ~$400 in like-new condition and have them polished really well for <$300. The better breathing of the aftermarket heads would allow for better high-end power, but with torque, the primary focus is flow velocity (speed as opposed to quantity [volume]). I'm sure you know that, being a track racer.
The head bolt holes would, indeed, be the 7/16" variety, but a 1/2" drill bit would remedy that issue. I've done it before...
...and about the matching manifolds... have you ever seen a stock P manifold? That's why everyone runs aftermarket headers on P motors. However, I specified the plain GT40 for the sake of exhaust simplicity. I have P heads on the engine I'm installing and they're a pain in the ass for the headers.
A stock P manifold...
My engine almost completely assembled...
My engine with (billet steel) flywheel and FRPP KC clutch all mounted on the hoist and ready to roll...
Those are the FRPP P headers... which add another $240 to the bill for P-specific applications. Just a huge pain in the ass, really.