Dana 35 front with abs, 8.8 rear with disk and abs.
Traction control setup out of a new Ranger (2010 or 2011 - 2011 had disk rear brakes)
Diesel motor swap from a newish Ranger (only available outside of the states) - I'd strip the interior and just swap wiring harnesses.
If you can't get the diesel, get the newest drivetrain you can out of an RBV and swap the wiring harness.
Alcoa alloy rims with 235/75/15 all terrains
Seat swap with something newer
Swap the sealed beam front headlights for something with interchangable bulbs
3rd brake light (if equipped) to LEDs
tail lights to LED or a new style transparent lens
Bright metallic paint job