Are you even sure that its a rod knock you are hearing? A few years ago I took my 99 to a shop to have head gaskets replaced, knew the problem, but didn't have time to do the work myself. Told them that was the only work I authorized and if anything else was needed the truck would be parked until I had time and money to do it myself. Next morning they called me and said "mechanic says that he heard a knock when he cranked it up this morning, that means bottom end is bad and motor needs to be replaced." Few hours later I picked up the truck and they couldn't demonstrate the knock, took it home dad did the work and have driven it since. Few months ago head gasket blew again so we decided to have block checked for warped deck. When we tore down that bottom end it was perfect, could have gone another 100K easily before the bottom end needed to be touched. It had 180K on it at that point. Block didn't require any work and the crank only needed the journals polished.
Just saying the motor might not be as bad as you think.
Now should I stroke it or go with a 5.0 swap? It has been a more popular option for good reason from what I hear
If 5.0 is even considered to be an option, then the idea of stroking the 4.0L should just be tossed. The money involved in stroking a 4.0L just isn't worth it. There are only a few ways that I could consider it worth the money. One is if you were racing in a particular class that required stock(ish) motors or had size limits. The other is if you live in some state like commiefornia, and you might be able to squeeze a stroker past inspections that would kill a swap.
If you must rebuild and keep the 4.0L for now, there are ways that you can get just as much power for less. Do some searching and you'll find ways. #1 that comes to mind is a piston swap to boost compression a little.
Yeah but do you want a manual tranny? If you don't care about mpg and having an auto then id definitely get a 5.0.
What does that have to do with anything? A 5.0 swap can be auto or manual regardless of engine source. FYI if done right and driven right a 5.0 swapped Ranger will often times get as good or better gas mileage than a 4.0L Ranger.
Reaper; just saw your other thread, you did the right thing starting a new thread about this in the V8 section. Hopefully you'll get plenty of experienced members to reply.