Well I like my 2002 Ranger. This was Dad's truck and I'm not willing to dump it. I've had the interior redone, the dents removed and repainted, replaced the bent rear bumper, and upgraded to Mustang rear disc brakes. Larger 2004 Ranger front discs are next on my list that I can handle.
Now I need a plan for a real power upgrade. Too bad Ford quit using the 5.0L V-8 in 2001. 5.0L's were widely modified for Mustangs and I would think these could easily push out 280 hp without radical modifications.
i have a truck like that....and its been repowered many times over the decades as needs have changed, with
needsand total operational and swap costs dictating engine/power-train choice...not fanboi logic... i am a ford fan...but without deep pockets i look for best deal.
compromise of max performance was severe, but overall it kept me on the road. with the ability to run alternative blends when fuel prices were at a good peak it was affordable to operate as i drive high miles annually.
so...
coyote, hemi, or ls based 5.3 gm if you want v8 noise....toyota v8 and nissans are decent too.
the 4.6 or 5.4 ford would be pretty cheap...but compared to the current 5.0 they are garbage. thus they are cheap.
the modern ford v6 3.5/3.7 cyclones are bad ass. not as easy to install as a 5.3 overall but nice engines and awesome power for the weight. i would take a 3.7 over a 4.6 every time.
if your hard core for a ford v8, the modern f150 5.0 and a 6r80 are the obvious choice.
generally...i would go 5.3 gm myself for overall best value in your situation.
of course best value goes with shopping and where you actually live......you never know what your going to find until your looking.
the 4 cyl ecoboost is on my radar for my b2. cost effective...good power with just tuning...will totally embarrass a 302. for conventional swapping its still a pia...but will be worth it.
in a regular ranger it is a solid choice.