Welcome to TRS
I assume this is a manual transmission?
Check the fluid level
Which would be an M5OD-R1 transmission in a 1992 Ranger, and it uses ATF fluid, yes Automatic Trans Fluid in a manual trans
So you can shift into 1st, 2nd, 3rd, 4th, and 5th(OD) with no issues
But when you move shifter to the right and pull back it won't go back all the way
But you can push it forward in to 5th
Does it matter if engine is ON or OFF?
i.e. can shifter move all the way back every time when engine is off
Does Reverse ever grind when it does engage?
5th and Reverse use the same shift fork
Does the shift arm feel loose at all?
Can you lift up on it?
There is a peak inside the top of the trans here:
http://www.therangerstation.com/Magazine/winter2007/shifterbushings.shtml
In the last picture you can see 2 of the 3 shift slots the shifter arm uses to change the gears
Far right is the 1st/2nd shift rail
Center is 3rd/4th
Left is 5th/Reverse
Make SURE trans is in Neutral!!!!!!<<<<<<<!!!!!!
Pull out shifter
See if all looks well with far left shift rail and see if it slides forward(reverse) easily, use a screwdriver, and make sure to slide it back to "neutral", all 3 slots lined up