I think the truck is going to dictate which engine you will want to use.
83-95 Ranger, I would shoot for a 5.0L HO with the shorter front end dress. Throw on a set of aftermarket heads and higher ratio roller rockers. Fuel management is pretty much what you or your buddy can deal with, or what you can afford. Use a 4 or 5 speed manual transmission. If you have to do a lot of highway driving, that 3 speed is going to get oolldd quick. BTDT w/ a 327ci & TH-350. I went with an AOD to have
O/D on my swap. Didn't have the time of funds to do a manual transition since my truck was auto from the factory, but save where you can and get the manual trans (IMO).