I got really interested in the whole T5 in a ranger idea when this thread started so I searched... apparently a T5 in a ranger is not a rare thing, The first 3 hits I got were all people who did it here on TRS... (all 2.3's though) too bad putting a T5 in when my M50D pukes isn't straight forward behind the cologne engines... FWIW, the T5 is THE most sought after trans by the old 48-52 crowd and since MDL now makes a kit for the 53-56 it's probably becoming the choice for those guys as well... I did a T5 (chevy) swap into my 1948 back in 2012.
The idea of getting rid of slave cylinder and having a much smoother and better supported trans is so appealing. When I did the swap in 2012 I found out the T5 had been in continuous production for 30 years - it is behind all kinds of vehicles and back in 2012 it was still being made... Don't know the status today, but if only one manual survived the 'death of manuals in modern vehicles' I would hope it was the T5.
In the two weeks shy of 25 years of having M5OD's I've rebuilt the one in my '90 twice, last time just because the front bearing on the output shaft went out but everything else was fine, I think I've put two slave cylinders in it just cause I was there, I think one master cylinder about 20 years ago (not sure how I'm old enough to say that...) and some other piddly stuff... not sure if I'm just used to the dumb thing but it's broke in enough to shift quick and not too notchy... the '97 is only 220k miles old and is a bit notchy in some gears, after 80k on the clutch I got it with it's almost time to put the spare Centerforce I have in there... I'll put in a new slave and pull the master to flush the fluid in it real good since it's squeaky sometimes...
I mean in that 25 years I've only driven a handful of manual trans vehicles, 4 separate M5OD-R1's, the T5 in the ex's S10 (wasn't a huge fan of how it shifted, shorter but notchier), the ZF5 in my F350 and the Geo Tracker I put 100k on... I kinda like the M5OD of all of them... but they shift nicer when everything is nice and broken in
That's just personal opinion though... the internal slave is super inconvenient but I haven't had a catastrophic failure myself, the Explorer I had had a slave cylinder leak for a while but just had to top it off once a week until I changed the clutch...
One thing to keep in mind the clutch kit you get matters on what transmission you have, all the stock Ranger clutches have the same input shaft spline but the T5 has a different tooth count...