There are a few changes you would have to make and the results may or may not be satisfactory to you...a FI engine generally gets better gas mileage and about 10 HP more if you just compare two stock setups...
Best thing would be to get a 2.0 setup from an 87 or 88 Ranger because they were all carbed...no computer to worry about, but you need the complete wiring harness from both inside the dash and the engine compartment...
The distributors may be different too...so getting that would be necessary...
My Ranger was originally a 2.0 carbed so putting a 2.3 and modding that was easy...as long as it has the distributor hole and drive assembly for the distributor you're half-way there...
As far as getting more HP out of the engine, there are a number of things you can do...but, to be honest, if you're going to spend any kind of money on this project you're better off spending it on a turbo because you will get the HP on demand and you will have slightly better fuel economy as long as you don't kick it down every five minutes...
I prefer the carb and the lower ponies though...