ive just picked up an 86 2wd 4cyl 5spd ranger and im wanting to do a carbed 302 swap with a c4 tranny. i was wanting to get a list of everything i would need in order to do this and the cheapest possible way of doing it. i was also wondering what 5spd tranny i could put to that motor, id much rather do that but i know an auto tranny would be much easier. i appreciate any help i can get on this!

Probably one of the most popular manual trans to run in a 2wd is the T5. Seeing that your truck is a manual, it would be pretty easy. You can use the existing hydraulic master cylinder to drive an external slave.
Other things to think about are,
motor mounts
electric fuel pump
headers
oil filter relocator
early 90's explorer radiator

You'll need to have a double sump oil pan, the oil filter needs to be moved, mine was moved to the out side of the frame on the driver side, almost under the rad, universal tranny dipstick, might need to get a fuel pump that can give enough fuel, might need to get a new drive shaft, and the steering column gets very close to the header, but you should clear it with a 302, and you'll probably want electric fans too, not much fan-rad clearance, and finally the front suspension, but the stock system should work too. Components like A/C and power steering are possible but its tight. Pretty sure that covers most of it. The stock gauges you might as well get rid of, they probably wont work and the speedo will be off.

Mine also had motor mounting brackets welded to the frame.

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SOLD:'05 2wd Ranger xl with the 3.0
MODS-Alpine head unit, throttle cable mod, Black Rock wheels, FX4 lvl II axle swap, pooleo's camo painted bezel and mustang dome, painted/aftermarket headlights/tails fold-a-cover and over 100 hp in stickers

'86 AMC Eagle and '01 Grand Prix GTP