Depends on what you are starting with. Assuming that you are starting with a bone stock high miles truck, it can be made to handle a lot better than it does now. Ragardless of what you do as long as the factory frame and suspension design remain, it will still be a truck.
Replace all bushings, to tighten up the suspension. Poly would be best for handling, but even new rubber bushings would be better than the 20 year old pieces that are in there now.
IMO anti-sway bars help a lot, you can find more about that in other threads in this section. Many Rangers came from the factory with just a small front bar and no rear bar.
Lowering has two bolt in options for the front, lowering coils and drop beams. Beams are the better option, but only available in 3" drop and only DJM still makes them IIRC. Drop springs used to be available in a couple sizes, but I don't know whats available now. Springs and beams can be combined for more drop, but you can encounter alignment issues when going that low.
For the rear you can do a shaclke/hangar flip for a small drop, or an axle flip for a larger drop. Like the front they can be combined for an even larger drop, but by that point you'll be cutting and welding on the frame. More info can be found in the tech library section of the site and by digging through this section of the forum.
In addition to those, wheels and tires can make a huge difference. If you have 14s or 15s now, consider going to a 16 or 17+ with a lower profile side wall if you can manage it. Personally I couldn't think of going bigger than a 17" wheel due to my road conditions,and that may even be too large. Already had to drop my car down to a 16 due to potholes and rough roads destroying the factory 17s and multiple tires.
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