my 2.3 (lima-1994) gets 21 with 4.10’s, a manual transmission & 225/70/15’s. While its not “great”, it is acceptable and I can tow when I need to, Mine came with 3.45’s and from what Ive been told you can expect the same fuel economy from either 3.45 or 4.10, but the engine is working hard/lugging with 3.45’s and with 4.10’s its humming along at a higher rpm-where its making its power at. Ive found 3.73’s to be the best mpg with a 2.3 (lima anyways, Ive no experience with the newer “mazda” 2.3) My ‘88 2.3 2wd supercab had a manual & 3.73’s, it got a consistent 23-25 mpg and once got 27 on a highway trip. I would check everything else before messing with the gear ratio, start with compression test & a tune up. Ive heard that the newer (mazda) 2.3’s do better on fuel than the older lima series, they dont seem to live as long but will go over 200K.
When I was considering a newer ranger my research found that 2.3 manuals came with 3.73 & the automatics were 4.10’s. The ranger I looked at was a 2006. I passed on it as the stealership was asking way to much for it.