For me, if I had 20k or so, to spend on improving my 93 ranger. I would have somone drop in a cummins R2.8 re-power kit.
That's the dream.
In all reality though, I'm just still thinking of economical ways that I could improve the towing capability of my vehicle. I would love to be able to buy myself a small RV trailer, so I can take more affordable mini vacations. Also I would love to get a car trailer so I could tow my classic car, or my fathers, with my Ranger to shows. So far all I've done was and the transmission cooler, and I've started to look into aluminum trailers. As for campers, I discovered that the small vintage ones are lighter than the more modern ones of roughly the same size. I'm still doing my research, I haven't committed to anything yet, unless I come across a screaming great deal.
But otherwise, it's been my ideal vehicle and has been sufficient for all my needs so far.

I wonder what the OP ended up doing with his Ranger? I'd be surprised if they switch the engines now befor the old one died.
If he's still around, he should check out this link:
http://www.trucktrend.com/how-to/eng...nger-explorer/