If we are go'n "Wish List" then yup I'm with ya; 9", D44 w/D60 outer shafts and knuckles, big axles, lockers, diff guards, big tires, low gears, doubler transfer case, etc, etc, etc, BUT as usual I live in the real world and $$$ is short for this stuff.
But in reality what is needed is a conservative trail rig that is easy on the pocket book, readily repairable yet powerful enough to satisfy the inner urge...
351 is nice, long stroke (compared to the 302) good torque and mild HP stock.
302 less torque can have good HP but good torque especially with good gearing and lets face it trail work is gearing.
351 will tear up most transmissions except HD Manuals ($$$) and automatics in good condition.
302 can tear up trans but usually not, can be put behind just about any transmissions out there that will bolt up.
351 bigger (wider), heavier, harder to cool, more mods needed to fit in a Ranger Chassis
302 almost a bolt in with a good donor vehicle (V-8 Ex/Mountaineer or 'early 90s Stang, less mods to fit, smaller and lighter.
CSyd77,
Since you have time to gather all of the parts, decide what you want for real, look at cost, adapters, radiator mods needed (a 351 could use a radiator in the bed for trail use), and look for a donor vehicle.
If 5.0L, an early 90s Stang w/ 5 sp, will have the engine and separate engine harness you will need.
A V-8 Ex/Mountaineer will have the engine/trans/good heads & Intake but the Engine harness will have to be separated, although there are after market harness that will work.
Again, it has to come back to you, you need to determine what you want, what you can repair if needed when and where, and last but not least how much you can and want to afford to build and upkeep this rig.
Big engine, big axles, big lifts are great until they break or need upkeep.
Until you make up your mind on what you want review, review, review, make a list, check it twice so to speak and recheck it. Good Points vs the bad points of each setup.
If you can't tell I am a fan of smaller V-8 engines with proper gearing and decent HP, well not too small.
When I get tired of the 3.0L (getting close) I am hoping for a 289 Cu in SB Ford in the Ranger Edge. This is almost the same as the new 4.6 in cubic inches but in the older engine style, same block as the 5.0L but shorter stroke and longer HD connecting rods.
If you are trying to impress someone think about doing the same thing they are with an engine half their size and the proper gearing to tire ratios.
Take your time, think about it, and do it right the first time.
Again, sorry if this is too much info but I get a little carried away.
Luck on the swap.