Well, I got the swap done. It is definately worth it if you have to put a clutch in anyway. I have a few little tips for people though. First off is you NEED the starter bolts from the 4.0. The 2.9 bolts will fit but you will never get a socket on the bastards. The head on them is big enough that it touches the starter housing.
Secondly, if you want a perfect alignment for the clutch disc and pressure plate find an old input shaft from one of these trucks. Cut the geared part off the end and weld a handle to it. MUCH better than those cheasy plastic alignment tools.
Third, take the O-ring off your slave cylinder hose and replace it with a brand new one. I bought exact replacements at Ace hardware for 45 cents when Ford wanted $6 bucks for the damn things.
Fourth, if you have a 2nd. Gen. Ranger, there is no way in hell that the starter cable will reach to the battery. Just hook it in to the other stud on the old fender mounted solenoid. The stud closest to the battery will provide a constant hot for the new starter just like hooking it to the battery would.
Fifth, even if it looks like a pain in the ass, take off the exhaust and Y-pipe. Much easier to work on things if this isn't all in the way. When you go to put the Y-pipe back in run a tap through the flanges on the manifold. It takes a 12mm x 1.75 tap and an 8mm twelve point socket to get up there. Also take the studs out of the cats and replace those with 10mm bolts and a flat washer on the side with the bolt head. Use a lock washer on the side with the nut. Usually it takes an air chisel to push those bolts out.
I got this all done in about 8 total hours laying on my back in the driveway (thank God it didn't snow). I love the clutch now. It is a lot more linear than the old clutch. It has a lot more flywheel weight also, so it definately makes it a little better for offroad where it might stall.
Anyway, just thought I'd share what I did and may make everyone else's life a little better.