Welcome to TRS
You will need to go with the short nose water pump and accessories out of an 1996-2001 Explorer V8, or car that used the short nose setup
Electric fan is needed usually, even with short nose
Oil filter needs a Remote mount setup
It looks like hood clearance will be an issue, you can use Body Lift to get more room, or use a different intake or air filter setup
1998-2000 Ranger used the rear axle ABS sensor with GEM module to supply electric speedometer signal to dash
So if you are using a 1988 or up Ranger 8.8" 28-spline axle with ABS sensor it will work just fine
OR
Get a Dakota Digital SGI-100BT speed interface, $100
You can hook that up to the 2004 M5R2's OSS(output shaft speed) sensor
Then adjust the interface for correct speed on dash for rear axle ratio and tire size
Should just use an M5R2 clutch and slave
Rangers Clutch Master should be fine to use with that, same Quick connect fitting
2004 M5R2 needs to be from a 4.2l V6 or it won't bolt to 302, also needs the holes in bell housing drill out 1/16" to fit SAE bolt size, 2004 was Metric size bolts
Good page to Bookmark here:
https://www.therangerstation.com/tech/
Tech section, look in Engine section, many articles on V8 swaps in Rangers, nothing like "been there, done that" info