Ok, I got some more history about the problem. the owner before me had bought it (it was a fleet rig), at 110k miles. he had purchased it for his daughter to drive, and let it sit under a tree for a year or two. in that time, one of the valves stuck. in preparing it for his daughter, he pulled everything apart to un-stick that valve, shot the truck with new paint, and called it good. she never dove it for very long, and it sat for another year or longer, so he decided to sell it.
i bought it with 124k miles on it, and it had been sitting. he tried to start it after it had been sitting, and the nasty fuel took out the fuel pumps. he couldn't get it working, so he sold it to me cheap.
I replaced the pumps and fuel filter, and cleaned the lines and tank. after that i used a MotorVac machine to clean the injectors and fuel rail. after all was said and done, everything is good, except it looks like that valve seems to be sticking again.
I used a boroscope and can watch everything moving, and i can see the cylinder moving, nothing weird going on except i think that valve is stuck again.
I am going to barrow some stuff from one of the other techs where i work, and i will be able to measure how much the valve is moving compared to the others. If I have time to work on it, I should know if its a stuck or bent valve next week.
So far, total investment in parts with cost of the truck is $600, and the truck has a straight body, with new paint. I did a full inspection, and the only other things wrong with it is the drivers side sway bar bushing has some cracks, and the front brakes are at 30%...and I am going to have to put new belts on it(already bought them)...one of the u-joints on the front drive line might be binding slightly, but this is the best shape I have ever seen one of these rangers in...so I figure even if I have to put heads on it and it brings the total cost to around $1k, for the shape its in that is pretty good i would think.
the other techs in the shop I work at can't believe the shape it is in, so even if there is more to this than a sticking valve, the truck seems like a good investment.