It will need new O2 sensors at 200+k miles, they are good for 100k.
When you get it, start it cold, RPMs should go up to 1,100, that means "Choke Mode" has kicked in, computer runs this when engine temp is below 140degF.
If idle is low, then replace ECT sensor, this is the TWO wire sensor just above thermostat housing, there is a ONE wire sender next to it, that is for the dash board temp gauge.
If ECT sensor is telling computer engine is already warm then it would run poorly until it was actually warmed up.
Near this area, front passenger side of the engine, is the Fuel Pressure Regulator(FPR).
FPR has the Return Fuel line connected to it and a vacuum line, pull off the vacuum line and check it for fuel, FPR diaphragm can leak and fuel is sucked into engine via the vacuum line, causing rich burn and sluggish performance.
Pull a few spark plugs, older plugs will perform poorly until warmed up.
Plugs should have a very light brown look, dark brown or black means rich burn.
If just one spark plug has that look then could be leaking fuel injector.
The 4.0l OHV engine likes Motorcraft or Autolite spark plugs, it will "use up" other brands pretty fast.
My '94 4.0l had original spark plug wires for 18 years, what a difference when I changed them, local Ford dealer had a sale on Motorcraft and they were cheaper than other brands and my regular parts store, go figure, wish I did them 5 years earlier
While engine is running listen for exhaust manifold leak, exhaust manifold leak sucks in air.
O2 sensors only "see" oxygen, that's the "O" part of O2, if there is an exhaust leak in manifold then O2 sensor on that side will see "extra" oxygen in the exhaust, too much oxygen is Lean burn, so computer will add more fuel to that bank.
Since it is a false Lean engine would be running Rich.
I think only the Calif. Ranger 4.0l's had EGR system.
But if you have it then yes a leaking EGR valve would make engine sluggish.
And the old standard "Clean the MAF sensor and the IAC Valve" still apply