The real question is what you’re trying to achieve.
There aren’t many options for lifting the 98-11 Rangers, it’s mostly just a spindle lift for the front. I considered doing that to my 2wd Ranger and I considered lowering it and ended up just beefing up the rear suspension and leaving it like that. At this point, when it makes it to the top of my project list, I’m probably going to lower it some and keep the heavy rear suspension. And it’s getting a turbo or two. A 2wd doesn’t make a good off-roader, I’ve tried. So then a lift is just for looks. I’d rather be practical at this point in my life and lowering for handling makes more sense to me.
Not really trying to change your mind, just explaining where I’ve been with it. I’d rather lift a 4x4 than a 2wd these days. Although I did lower my 00 4x4 Ranger, but it’s AWD V-8 these days and I wanted a lowered street toy.
FWIW, my 00 2wd Ranger was my first vehicle. It didn’t make a good off-roader and I ended up buying my 88 Bronco II cheap for a 4x4 to play off road. Then I started collecting toys, lol. If you want something to off-road, look for an older 83-97 Ranger/83-90 Bronco II or even 91-94 Explorer. I like the looks of the first gens the best but the 89-97 Rangers had some advantages like a better fuel system and the D-35 front axle appeared in 90 with the 4.0 engine. Those older rigs are cheap to lift, relatively speaking, and cheap to work on, again relatively speaking.