Steve
Either the 351W or 5.0 will be a nice engine, especially for road use. Yes, the 351W is a very torquey engine, but that's what you want on a road car (or at least what I want). In reality, for a road-use-only vehicle, the maximum horsepower is somewhat irrelevant. As Terry pointed out, the 351W is heavier, but, again, in a road-only car that is somewhat irrelevant. In stoplight-to-stoplight "racing," you'll never come close to hitting maximum horsepower or get to a point where 50 lbs of extra weight will matter.
An advantage of a 1996 or newer Explorer engine is that it came from the factory with GT40 heads. I believe that is true for both the 5.0 and 351W, if not I'm sure somebody will correct me. The GT40 heads are a significant improvement over the "standard" heads found on other versions of the same block.
Another advantage of going with an EFI system (as on the 5.0 you are considering) for a road-only car is it is much "easier" to drive. Think back to when your everyday driver had a carburator. It didn't run great until it warmed up. With EFI, jump in, hit the key, and take off with no worries. Not a knock against carburators, just a fact a life.
For my money, I'd stick with the 351w since you already have it. That being said, if you already had the 5.0, I'd tell you to stick with it. It is probably a bit easier to find more aftermarket options for the 5.0 because of the Mustang crowd, but there are many options for the 351W, too, especially if you look where the "truck crowd" hangs out (we're all after the same thing...more power). All things being equal, I'd go for EFI on a road-only car, but if you already have the carburation setup, stick with that.
For what its worth...
Eric