All depends on your driving habits. I drove on 32s with a 1995 2.3L Automatic 3.73 gears and didnt have much issue. Maintained 24mpg with it as well. I also dont expect more than 1/8th throttle out of any of my vehicles for regular road driving. I dont keep up with traffic, am never in a rush, and never go over 55mph. Under those conditions the truck was just fine and didnt under perform.
On the other side of things my brother had a 2.5L automatic 4.10 gears and he fit a set of BFG AT KO 33x10.50x15 I had laying around. His driving is a lot more in congested areas where in order to not be rude you need to keep up with traffic. Needless to say he was fighting that truck every step of the way with his 31s before he went to 33s. 3500rpm was the least that truck ever saw except for idling in traffic with 33s.
If you drive out in a relaxed low traffic area you wont care for the lack of power, anywhere else you probably already hate your 2.3L with normal size tires.
And as a side note 33x10.50x15 fit a stock 1998 2wd Ranger without lift. Completely stuffed and in no way useful for flex but didnt rub at full lock. Didnt fit pre 1998 though because of the front end being lower.