There really isn't any limitation to how much HP it can handle. There are limits to how much air it can calculate, which in theory would limit HP, but you can scale the entire tune if need be. So with the correct parts and tuning, anything is possible.
I recommend 24# injectors for 300 fwhp. However, the 99 and later with the returnless system is just fine for 300 because the little injectors flow just about equal to 24lbs at the higher pressure. I'd have to do some math on the MAF to find the limit, but the MAF can be changed and tuned for as well. I believe there are a couple people on here using the stock Explorer MAF on warmed up 351s so it should be fine.
The biggest hurdle is cam selection. Too much valve overlap will create a false lean condition at lower idle speeds, and possible surging, bucking, etc... So, you either need to increase idle speed or force open loop at idle. Higher idle speed is typically only a problem on a c4 with a low-speed stall converter, other than that, it's not too annoying.
Forcing open loop at idle keeps the computer from adjusting fuel based on o2 feedback, so I don't like to do it on on a typical cruiser or crawler, but for a drag car, dune runner, or mud drags that's usually the best method. With enough tuning, you can still be happy with a larger cam, but for the way most people drive their Bronco's, it's best to just keep the cam mild.
If you're thinking about building a pretty hot motor, call and talk to me first about parts selection so you don't throw money after parts that you won't be happy with. I won't mail order tune something with a very hot cam, but I still remote tune them.