Here are 3 links to lifts, with the last one being the Torsion method. You can still perform this on a 2WD.
You can check out the knuckle/spindle lift. The first link shows the Superlift kit in its entirety, and the installation write-up.
Overall, the general consensus is:
1) Torsion bar lifts are great. It gives 1-2.5" additional lift, but at the expense of a much harsher ride. To some younger guys, it's not an issue. For some with back problems or harder offroad conditions, it's too hard and does not flex as much.
2) Torsion is one of the cheapest and most economical ways to lift and alter the stance of your truck. If you want quality, you'll have to pay more for it.
3.) Older spindle lift kits were prone to snapping. They have since revised the design and material. These are good and reliable now. In extremer offroad conditions, I personally might not trust it.
4.) A lot of people will do the SAS over the spindle kits. More people will do the torsion over the SAS. That just seems like the hierarchy of lift preferences on here.
5.) If you are going to go through that entire maintenance with BJ, shocks, etc; I'd go purchase the spindle kit for ease and minor playing. I don't know your financial situation though. You could buy used.
6.) If you want to dump a grand, go that. If you're young and cheap, go T-bar. It doesn't appear like you beat on your truck, or else you would have specified that in your OP, so no need to a Dixon Brothers or other racing setup.
7.) You've "never done a lift" before, so it you're mechanically capable but not formidably adept (SAS swap welding or rebuilding engines); go with the T-bar first and see how you like it. You can always upgrade later, but do the work twice with less money involved. ... If you're a good wrench with money and don't want to piss away your time a second time, go with a middle tier setup.
http://www.therangerstation.com/how-to/suspension-and-body-lifts/installing-a-superlift-kit-2001-ford-ranger/
http://www.therangerstation.com/how-to/suspension-and-body-lifts/lift-kit-providers-for-your-2wd-ford-ranger/
http://www.therangerstation.com/how-to/suspension-and-body-lifts/torsion-key-lifts-for-your-ford-ranger/