You're in the same boat as me. My Ranger is a 96', 2.3L, 3.73 axle, 225/70R15 tires. While mine is slow, it is still faster than a 2.3L with an automatic tranny.
Changing the clutch will NOT do anything for you. Changing the tire down a size or two will help. Or changing the axle gearing will help too. Its really on what you want to spend money on. I kept my 15" wheels because I had more tire options that way. And the 225/70R15 is a common size for the Ranger. Any bigger than that size, I would recommend an axle gear change. With a tire size of 235/75R15 and a 4.10 axle gear, the 2.3L should start to feel more like it would have as stock.
Another, eaiser method of getting an axle gear change is to change the whole rear axle. Or even getting an upgrade. You can go to junkyard and find a Ranger 7.5" axle with the 4.10 ratio, or as an upgrade, find a Ranger 8.8" axle with the 4.10 ratio (just make sure you get the bolts and hardware too for this one).
**Edit**
Any time you change the tire size or axle gearing, your speedo will be off. For a 97 Ranger, correcting this is easy. All that is needed is to change the speedo gear, which is located at the tailend of the transmission. One bolt holds the assembly in and changing the gear is just a matter of removing an E-Clip and sliding the old gear off the shaft. As stock, your speedo gear should be a red color one with a 21 tooth count.
Examples of corrections:
225/70R14 + 3.73 = 21tooth (Red) (Stock)
225/70R15 + 3.73 = 20tooth (Black) (what I got)
235/75R15 + 4.10 = 21tooth (Red)
Also, browse the TRS Tech Libary. There is ton of info which can help you get ideas.