'88 Ranger would also have a "lift pump" in the fuel tank, and then the external high pressure pump in the frame rail.
Yes, you could add second tank, with lift pump, and both could use the one high pressure pump.
The lift pump is a 9psi pump used for carb engines, the high pressure pump(40psi) was added for EFI for a few years, until high pressure pumps were moved inside the tanks.
You will have Return fuel lines as well, so tank selector needs 6 ports, 2 for each tank and 2 for the engine.
One reason you don't see many Dual Tanks any more is the emissions requirement for fuel tanks, the EVAP systems need to be added to the cost of the second tank which makes it a more expensive and complicated option from the factory.
EDIT:
May have assumed too much.
If it is not a Ranger and there is only an external pump then yes, both tanks can share the one pump, this worked fine for many many years when mechanical fuel pumps, located on the engine, were used.
One heads up on the external pumps, don't run tanks dry, they can be hard to prime
