I want to get some things out of the way first for those making gearing comments.
First, The ford Excursion does not require and PCM re-programming. On Ford trucks of this vintage, the speed sensor is located in the axle, not the transmission. There for the stator ring automatically "corrects" the ratio. This is why ford did this. It allowed them to run the same PCM software no matter what the drivetrain was built as, 2wd, 4wd, or axle ratios.
Second. 4.30 gears were an option, and a highly sought after one for Excursions. Anyone who owns a V10 with 3.73 gears and tows even 5k trailer will tell you of the dreadful "dead spot". When ever ascending a hill there is a dead spot in the MPH/RPM range. The V10 is OHC not OHV, so like a Japanese engine, it makes maximum HP above a certain RPM. Even in "tow/haul mode" The dead spot exist to the point, most excursions with 3.73 gearing will slow to 35-40mph going up hill until the bottom of the bell curve is hit. Once the throttle position vs airflow ratio is bottomed out, the truck will then downshift and pull like an animal. The problem is though, in hilly curvy terrain, this leads to dangerous and frustrating driving, any time you let off, the transmission will upshift right into the dead spot causing the vehicle to slow again.
The 4.30 gears raise the RPM, and almost eliminate the dead spot.
1500 for just a single axle re-gear is about right. FYI, check out Randy's ring and pinion . The rear gears for these trucks are very cheap, only $430 for single axle. If you have a race buddy or know any mechanic, they can do a rear gear swap in a couple hours on this truck. Re-gearing is not rocket science, but people sure like to make it sound like it is.
Funny how these same people don't make any mention of nascar guys swapping gears in pit row and running 200+mph for 500 laps, but they are quick to jump on the, I wouldn't do it band wagon.
FYI, I rebuilt my rear end in my driveway with a buddy in under three hours. The sterling rear ends are very very easy to work on.