Generation 1 trucks, when you will be utilizing a completely different power train and straight axles, the 2wd trucks are usually cheaper and in better shape..
so for work like this they tend to be better candidates.
They have a smaller k member so exhaust fitments, oilpan and starter room are generally better ....
it's when you just want a sas.....a 4x4 is obviously a better start.
With that said you should sell me the one you just found.
....clearly you don't want that thing.
As to the r2.8. Money well spent .. depending on goals. A very sound investment.
A 4bt in its best form sux to daily in regards to NVH.. ...an obnoxious pos.
From a reliability stand point ... accessory drive withstanding...they...the 4bt are epic.
But compared to a vw or benz for REAL WORLD USE.....they are garbage stockish for stockish.
But in the case of a ranger on sub 40 inch tires that you want to ACTUALLY drive on the road, the r2.8 excells.
For max performance builds the 6bt is the way to go. They are generally cheaper all the way around...and easier to procure. So for the money to do a 230hp 4bt... go 6bt
The reason I have tolerated the humvee engines so long...stock for stock, it actually blows a 4bt or 6bt away to 50 ish mph...with no turbo....is quieter, and much better NVH....I have run stock 4bt Jeeps and a stock 6bt land cruiser and was surprised to outrun them ....because my truck is slower then smoke off of shit. That changed my perspective.
The 6.x early gm builds are weaker...Not as good fuel economy...and harder to start cold. .... But cheap and easy. with hand tool mods will run on alternate fuels... And under a 100 bux can renozzle the injectors.
So ..it's been 13 years . I have broke a few... But Still in there. And all for less then any cummins swap
And consider this. The later units are over 200 hp with turbo. .and hold 300 hp easily and cheaper then you can get a mechanical cummins to.. WITH BETTER NVH...and a 4l80 ...
So as always. . .your actual goals and intended use are key