The '86 and '87 instrument panels support the CEL, but it's not wired to the ECM. You
really need to check for codes before trying to diagnose any further.
If you don't have a code reader, you can use some wire and a 12 volt light bulb. The wire should be big enough to fit tight in the test connectors (I used 12 gauge wire just now and it worked good). I've used the bulbs for the instrument panel or side markers since they have leads to connect to, but a bulb in a socket with leads would be better. The test connectors should be near the fuel pump and ECM/EEC relays. Just follow the diagram and put the light bulb where it shows an analog multi-meter or test light. The wires can be made long enough to be held under your windshield wiper so you can see it from the drivers seat, but you'll have time to walk to the engine compartment after turning the ignition on if you don't have enough wire.
After making the connections (the light bulb will probably be on faintly), put the e-brake on, trans in neutral, and turn the ignition on (without starting the engine). You will have two groups of codes; Key On Engine Off (KOEO) "Self Test Codes", and KOEO "Continuous Codes". The codes on your Ranger are two digit codes, so you will get one or more flashes in a row, a two second pause, then again one or more flashes in a row. If there are multiple trouble codes in that group of codes, there will be a longer pause between double digit codes. Then the ECM will repeat the codes.
After repeating the "Self Test Codes", you will get a pause of several seconds (maybe 10 seconds), a single flash, and then the procedure will be the same as with the "Self Test Codes", only these are now the "Continuous Codes" that have been saved during the time you were actually driving the truck. If you want to repeat the whole process, turn the ignition off, then back on again.
If there are no issues detected during either set of codes, you will get a "pass" code "11" for "Self Test Codes" and "Continuous Codes".
I have the Innova code reader, but I just did the light bulb thing myself, and tested it, so it works as stated.
The Innova 3145 code reader works a lot better than this method, but the cheapest I could find was $30 at
AutoZone. Sometimes you can find them cheaper on eBay if you save a search for it to be notified when someone puts them up for auction (I've seen them for $20 or less). I've included a link for the manual for it that includes the Fault Code definitions.