I have the same problem with both the 86 and 87 Rangers I recently bought for my 5.0 swap. After ripping out the bench seats, rubber mats, jute pad and as much of the soaked foam and firewall covering as I could I am 99% sure the leaks are caused by the Large diameter rubber "grommet" on the main wiring harness where it passes through the firewall.
Both trucks have ill fitting grommets that can be moved around pretty easily revealing the edge of the hole through the firewall. When it rains I can see the drips, more like a small stream of water coming in at the harness.
I also took off my wiper access cover plates to clean all the dead soggy leaves from the cowl area and make sure water would drain. I ran the hose full blast into the cowl through the upper slots and watched the flood of water run out at the drivers side fender. There was no leakage into the cab so I'm sure its the grommet.
A car builder I know suggested cleaning/drying all surrounding surfaces and re-sealing the grommet into the firewall with urethane windsheild adhesive. I haven't done it yet 'cause I dont have a garage and it rarely stops raining here. He told me NOT to use silicone sealer.
The 87 also has a slight leak on the passenger side which appears to be from the computer harness grommet. I think the rubber dries out and shrinks just enough with age to allow these things to leak... badly. The padding under the rubber mats on both trucks, (drivers side), were flooded with water and when I pressed my hand against the firewall covering it was like a big wet sponge... YAY...
Gotta love workin' on OLD stuff...
Mike