many rangers earlier engines run poorly on todays fuel... it has ethonol in it as a way to displace the amount of petrol in gasoline... so when many of us see a decline in our MPG/MPT it's cause of that reason... and during winter or cold regions they add more things to keep it from freezing up on you so you get even worse economy.
the best thing to do is upgrade your engine... changing gear ratios is not a sure thing, you can screw everything up and then you're WOT (wide open throttle) the whole time using more fuel... the less your engine has to work under a load the less fuel it uses... but at higher speed the higher RPMs... so it's a trade off, and you won't see much MPG change from that... just performance changes.