It'll be fine, but I think your RPM's might be a little higher.
I'm going 4.56 in my red one with 235/75R15, I have the M5OD which has a slightly higher OD gear.
All numbers are slightly rounded, will vary with pressures, rim width, etc. All are calculated with overdrive gear.
for a 1987 4x4 Ranger (there are 2, 5 speed possibilities) with the 235/75R15:
http://www.therangerstation.com/tech_library/ManualTransmission.html
Mitsubishi FM145 = 3,000 RPM @ 70 MPH
Toyo Koygo = 3,150 RPM @ 70 MPH
Might be getting a little on the high side, but if you cruise at 60 MPH in the slow lane it'll be great, and those numbers will improve a little with 31's. I'd calculate those too but I gotta run to work, be back in a bit.
Ok, I'm back.
With 31's:
Mitsubishi FM145 = 2,850 RPM @ 70 MPH
Toyo Koygo = 2,975 RPM @ 70 MPH
The other thing is that 4.56 gears for a Dana 28 are not exactly the most common. Even 4.56 for the Dana 35 got hard to find for a while, don't know if they still are. The 7.5" might be a little easier, but not much.
I really do recommend swapping a D35 and 8.8" axle, even if it's the Ranger 8.8" (which really does just bolt in). You'll have much stronger axles, likely/usually better brakes, Better front hubs (yes, even the automatic ones), and the aftermarket options open up a LOT.
And for giggles and grins:
235/75R15
Mitsubishi FM145 = 2,580 RPM @ 60 MPH
Toyo Koygo = 2,675 RPM @ 60 MPH
31's
Mitsubishi FM145 = 2,450 RPM @ 60 MPH
Toyo Koygo = 2,550 RPM @ 60 MPH
Also 2 previous threads dealing with 235/75R15.
The suggestion:
http://www.therangerstation.com/forums/showthread.php?t=105032
And the Results:
http://www.therangerstation.com/forums/showthread.php?t=107076