ooh, an 88! Nice. Those turbos are less desirable but the rest of it is more desirable...
If it were me I would use the Ranger engine harness and add the thunderbird stuff to it but it matters on how stock you want it to look... Myself I would rather not run a distributor if I don't have to so I didn't... All you have to do is take the front seal housing off the Ranger engine, make a template for the crank sensor bolts (including the alignment pin) as accurate as possible (beer box cardboard accurate is fine, that's all I've done on two engines...), for the alignment pin I used a 6mm bolt with a long shoulder with the head cut off then drilled/tapped the block to thread it in with loctite. To get away with using just one coil pack you can just run the passenger side coil, if you have a tach and want to keep it working you have to splice the drivers side coil signal wires to that (the outer ones, cap off the center one...). If the Ranger block is in good shape you can put the turbo pistons and rods in there too assuming the bores are good on both and you use new rings and such... that's one of my regrets, I had 2 blocks I scrapped that would have been nice to have around...
If I were to start from scratch completely on mine I would do things differently like probably using a dual plug head and both coil packs and the wiring would be cleaner... considering I jumped in too soon last time around it worked out pretty good...
I would use the Ranger oil pan, it'll fit better, you will likely need to use the Ranger oil pump, I did...
I can walk you through more and I have some pictures of what I did which might help some but a '94 is different than a '90 under the hood...