personally ive never driven a ranger with a 5.0 in it but i cant see where you could go wrong. ive owned quite a few fox bodys and i absoultely love them.
ive had a few stock mustangs then my 14.02 car had 177k miles on the long block, i ran 1.7 crane rockers, 24lb injectors, a 70mm throttle body, 73mm c&l maf, and some nitrous and the car was fast, had 3.73's in it
then i built an automatic car for my wiff. 180k bottom end, 351 heads with decent valves, 1.7 rockers, edelbrock performer intake, 24lb injectors, 70mm throttle body, 73mm c&l maf, and some nitrous. this car was an automatic car and ran a 13.7 on the rev limiter before the end of the track with 4.10's and 26 inch street et's
then i ripped apart the automatic car and converted it to a 5 speed, built a 399 cubic inch stroker for it. its pretty bad, nothing over the top but i put an f cam in it, has kieth black pistons keeping the compression around 9.5-9.8, windsor jr world products heads, 1.72 scorpion rockers, edelbrock intake, 30lb injectors, 75mm throttle body, 76mm c&l maf. ive also got nitrous on it but i havnt ran it yet. i just got it together in jan and ive been sidetracked with my ranger project, but its stupid fast on just the motor, im running 4.10's which is a overkill on a 5 speed, 1st gear is pretty much pointless. its awesome having alot of power but theres no use in having that power unless you can put it to the ground. im expecting this set up to put the car in the low 12's, would be awesome if i could dip into the 11's but i dont think its gonna happen until i get better flowing heads.
unless you are just wanting to show off and burn tires i wouldnt go over 3.73's with a 5 speed, especially if you get the t5 with the 3.35 first gear, you can always adjust tire size to fine tune it though. dont even consider a speed density setup, mass air flow is the only way to go, thats the efi setup that mikepotts stated earlier that is constantly adjusting itself for the perfect tune, mass air flow actually has the ability to learn. ford put the adaptive learning feature in those computers to compensate for wearing engines but they can also compensate for mod's to a certain extent. some people say they have a 15% learning curve, some people say its 25%. im running a completely stock A9L computer in my stroker mustang and it runs fine. will it run better if i got a dyno tune and had the computer tuned to the engine...absoultely, but will it run fine without...yes and ive got 97 more cubic inchs then the computer was designed for.
im gonna throw a stock mass air 306 in my ranger to start with, only because i really dont know what kind of power its gonna have in a ranger platform compared to the mustang, then i will just mod it from there with bolt on's, im planning on eventually getting afr heads for my stroker so then ill throw the world products heads on the ranger and everything else that i change will go to the ranger as well. the main thing you need to worry about is having the bottom end that you know you will be happy with so you dont have to pull the engine again and you can just mod it from there with the engine still in the truck.