Yes...Chevy 1/2 ton lowering shackles actually LIFT a Ranger.
I installed 2" chevy drop shackles(Belltech 6400) on my truck and gained 1.5" of lift. I'd stick to a 2" because of the insane rake you'll have when the 2's go in. Anything more would be even more insanely raked, plus the pinion angle would be way too far off and axle shims would be needed. The nice thing about Belltech 6400's, is they've got 2 usable holes for the leaves to bolt into.....you can set it up for 2" lift OR 1" lift.
No hangers needed....just the shackles. They bolt right in.
Summitracing.com and in the search box, type in BEL-6400.
Generally, 2" up or down from stock, you don't need new shocks.
Here they are on a lowered ride to give 1" lift...