85_Ranger4x4
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For sure open it up. 
The newest one is 10 years old, why chance pulling the engine back out because you cheaped out and didn't change the $15 pan gasket? Does dropping the trans back out for the $20 rear main seal sound fun?
Or you could be like me and stuck with a ping and an uneasy feeling you will have to pull the heads in the truck as opposed to on a stand when I already had the timing cover and intake off with no exhaust to deal with.
I just put in a stock replacement oil pump and it does fine, runs 70lbs cold and about 50 warmed up. I also changed the driveshaft and pickup too.
If nothing else you will have an idea if the engine is even worth messing with.

The newest one is 10 years old, why chance pulling the engine back out because you cheaped out and didn't change the $15 pan gasket? Does dropping the trans back out for the $20 rear main seal sound fun?
Or you could be like me and stuck with a ping and an uneasy feeling you will have to pull the heads in the truck as opposed to on a stand when I already had the timing cover and intake off with no exhaust to deal with.
I just put in a stock replacement oil pump and it does fine, runs 70lbs cold and about 50 warmed up. I also changed the driveshaft and pickup too.
If nothing else you will have an idea if the engine is even worth messing with.