I have written up a guide called
How to Replace the Upper and Lower Thermostat Housing on a Ford 4.0L V6 SOHC Engine. It is a detailed step by step walk through, including lots of photos. Perhaps too detailed for some of you, but helpful for those who haven't done as much of their own wrenching. I did the work on my '03 Ranger, but it should be applicable to anyone with a Ford 4.0L V6 SOHC engine. The lower housing has been failing for many people, although probably not so much on the Mustangs yet, since you haven't had this V6 as option for very long.
Comments or suggestions are always appreciated.