Flaming Dean (no offense, but - you might want to reconsider that handle)
This response is exactly what I mean - I hope you are keeping up with this string. If you will spend some time poking around the site you can learn a lot about the specifics of this engine, a lot of good advice, some choice opinions, and some interesting ideas. There is a lot you can do with your truck that is fun. Speed and Fast in a truck is not always that good of an idea though. Within reason you can do all of the above - but to MAX OUT on every area of speed, fast, pretty, sporty, safe, crazy etc. with one vehicle is not practical. You can spend a lot of money making a truck go a little faster or spend a little money making it more fun. There are limits to everything. At the same time I like Turbo Cat's approach - don't tell him it's crazy he's having fun spending his money the way he wants.
Let me ask and answer some questions for you:
Can any engine be modified to produce more power?
Yes - an example are the early TR-2/3/4 engines. They were very heavy and I always wondered why British Leyland made the engine for a so-called sports car such a boat anchor. Turns out they used the same block for the British Leyland tractor. Making a TR engine into a racing engine was labor intensive and expensive. Anyone who ever had a Triumph will tell you it was a heck of a lot of fun to drive without any modification. Although it is not a tractor engine that I'm aware of - the 4.0 would make a much better generator engine than it would a supercharged, high winding Champ car engine. The engine was designed by engineers to have lot's of torque, be able to pull pretty heavy loads, and drive well to the grocery store with the wife. (I was very proud of my little Ranger yesterday, it towed a 5000+ generator to Houston to power up our home office - no power because of Hurricane Ike) In other words it was desgned to be a hard working truck engine. Just like it's predecessor the 428/460 V8.
How can I make my truck go reallly fast?
Put a bigger engine in it. The tech section will tell you how to install everything from a 302 to a 7liter engine. The 4.0 will take the Ranger faster than it is safe to drive it. It is designed to have a high center of gravity and haul people (Explorer) and boats/trailers etc. (Ranger) and does not go around corners well. It can't handle a lot more speed around corners because it's not a sports car. It can go fast in a straight line with a bigger engine so you would think it might be a great drag car and many are - but IDEALLY - a good drag vehicle has more weight over the back wheels. Think about the 40 Willys coupe. It would make a really great tow vehicle for the vehicles you want to drive fast - 4wheeler, Formula Ford, motorcycle, etc.
I want to build something totally radical?
It's been done. Honest, this is no tall story:A few years back a guy known as the Michigan Madman campaigned a 1957 Plymouth Fury in drag racing. The rear axle was from a two ton delivery truck, the clutch was from a Tug Boat (that's what the magazines at the time all said) and the engine was a 16 cylinder, 1710 cubic inch Allison aircraft engine.) It would smoke the tires from one end of the track to the other, it looked wicked and the engine was so big the drive sat in the back seat. A guy named Arfons came along and put a GE jet airliner engine on four wheels and started blowing flames all over the place and no one ever heard of the Michigan Madman again.
Wash it, wax it, open the door for the girl you can get to ride with you, and tell her she is more important to you than your truck - you'll get the kind of "throttle response" you are really after.
You asked for thoughts. Those were mine.