you cant get that much travel out of the 98+ rangers regardless of how much lift you get. CVs do not do well in vehicles lifted more than a few inches.
IMO when you use a supspension lift on a CV equipped vehicle all you are doing is raising your center of gravity, making enough room for a slightly bigger tires and increasing your chances of a rollover. you dont gain much if any flex, LOWER durability of your CV joints, increase ball joint wear, steering wear, etc.
if you want a lifted mall crawler go for it but a rear locker will get you more off road capabilities than a 3 inch lift.
a lifted stock vehicle wont stand a chance against a stocker with a rear locker and some good stock size MTs or better.
unless you are playing in mud, tire size, lockers and travel means more than lift. NO you do not need your vehicle to ride much if any higher than stock to get more travel.
FYI i have less lift than you (2-3 inches), and run 33s.
86