Why?
I'll make an assumption, and that is that the reason you want to keep the 5x4" pattern is to keep a particular set of wheels you have. That's going to be the issue, not re-drilling the 8.8 axles and rotors to 5x4".
So what we really need to know is what your goals are- what wheels you want to run, what actual CAR you have, what the front brake set up is going to be, etc... Because setting the 5x4" pattern on the 8.8 axles and rotors can be done. Maybe have some issues to address, but it can be done. But that still might not accomplish the rest of your goals for the swap- for example, running a set of factory SBP wheels.
This is the backside of an Explorer 8.8 axle. Looks to me like the worst thing that could happen is that you'd need to spot face the area under the head of the stud, if the shoulder of the stud at the 5x4" pattern diameter interferes with the taper on the back of the axle flange. The rotors shouldn't be an issue.
But center bore diameters, caliper clearance and wheel offset definitely could be, depending on what wheels you're trying to keep, what axle width you're planning on and what car this is all going to be on.