Cold air's a joke.
Your factory intake is right behind the head light and plenty cold. Cold air kits usually have you draw air in from the eingine bay, which is gonna be a lot warmer then the factory intake.
You'll just be tricking the engine into running rich which is no good in the long run.
Your truck can breathe just fine. If you want some cheap power, take a nifty little anle grinder and hack off your exhaust after the cats and let it exhale with ease instead of Ford's horrible design routing the exhaust up and over the rear axle.
2000 Ford Ranger XLT: SAS, Sliders, Bumpers, Gears, Lockers, Shafts, 33gal gas tank, Shortened from 130 to 112" WB, Home brew bed and spare carriers,
Receiving: tons and a 351w stroked to a 427.
1972 Ford F250 "Explorer", 390fe Big block, lime green
Receving: 14bolt rear w/ disks, cam, 650cfm 4 barrel, intake, exhaust,