Another option for the rear is to convert to disc. You can use Mustang rear disc brakes and with a little work get them mounted and working. That's what I did. Also +1 for the 95-97 front brake upgrade. Much better and much more variety in pads and availability of parts over the single piston '94 brakes.
The only advantage Mustang rear brakes have is they are
usually better set up than drum brakes. And if the drums weren't doing anything because they weren't set up right, discs
seem a lot better.
For the cases below, I will use 1,000 psi for front brake pressure (reasonable value for disc, and easy number to work with); Rear brake pressure is lower value as per the 2000 Ranger Tech specs document page 8 which gives figure of 400psi lower value out of Prop valve, so 600 psi. All values are per wheel.
Choices:
Front
'94 Ranger front brakes: 10.28" diameter rotor, 66mm single piston caliper * bunch of engineering math ~20,400 in lbs of braking force
'95-97 Ranger front brakes: 10.28" diameter rotor, 46mm twin piston caliper ~21,800 in lbs of braking force - about
7% additional braking force from '94 baseline
Hybrid 1: 11.28" diameter rotor from '98+ 2wd Ranger, 46mm twin piston caliper + spacer ~24,400 in lbs of braking force - about
20% additional braking force from '94 baseline
Hybrid 2: 12" diameter rotor from '01-05+ 2wd Explorer Sport Trac, 51mm twin piston caliper, again from Sport Trac + spacer ~31,600 in lbs of braking force - about
55% additional breaking force from '94 baseline!!
Due to liability reasons, no one will sell you a spacer, but I have the dimensions somewhere. There may be issues with '94-97 rims fitting on '98+ hubs as the hub register increased from 2.5" to 2.77"
Rear
'94 Ranger small rear brakes: 9" diameter rotor, 21 mm dual piston cylinder, little different engineering math as drums ~7,000 in lbs of braking force
'94 Ranger large rear brakes: 10" diameter rotor, 21 mm dual piston cylinder ~7,800 in lbs of braking force - about
11% additional braking force from '94 small brake baseline
'95-00 Explorer rear brakes: 11.21" diameter rotor, 48mm single piston caliper ~7,850 in lbs of braking force - about
12% additional braking force from '94 small brake baseline
'10-11 Ranger rear brakes: 11.65" diameter rotor, 48mm single piston caliper ~8,200 in lbs of braking force - about
17% additional braking force from '94 small brake baseline
'99-04 Mustang rear brakes: 10.50" diameter rotor, 38mm single piston caliper ~4,750 in lbs of braking force - about
32% less braking force from '94 small brake baseline. Ya, I was disappointed after I had done it too. But it had bling for the red 4x2 RC flareside.
So the best braked RBV (best fronts, best rears) would have an additional ~12,500 in lbs in braking of baseline '94.
Adding trailer brakes, assuming single axle, 10" drums and surge brakes (electric brakes and boat trailers don't often play nice in sandbox together) can add
up to ~13,000 in lbs additional braking. And they provide a whole extra set of brakes to dissipate heat into when maintaining speed down the hill to the lake.