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You can use a Fuel Pressure regulator with Return line and the stock electric in tank pump.
1994 Ranger used Return line so it is there
Since there will be no computer to shut off electric pump if engine stalls I would keep using a Fuel pump relay but add oil pressure switch as the Ground for that relay, so if oil pressure drops below 5psi fuel pump power is cut.
If you are going to change pump in tank then think about switching to mechanical pump and just pickup tube in the tank, no electric pump, or install pickup tube and electric pump in the frame rail not in the tank