a granny low trans could be swapped into an 86 ranger if you re-drilled the 2.9 bellhousing (or made an adaptor plate) to fit the granny trans. then from what i learned from the guy at advance adaptors most 80s+ ford trannies use the same bolt pattern to the t-case so the t-case issues wouldn't be tough. you'd need a clutch disc with the correct splines (also not too tough)
but all of this to swap a 3 speed tranny in place of a 5 speed tranny into a truck that you, 177CIOfPureLove, and allanD all agree is already "geared too tall". it would make all of your problems worse except in the 1% of the time when in granny low
i have a granny low trans in my truck, i have a built up 350 (that started life as a 425 crate engine and got more compression and a bigger cam) with 3.73's and 33" tires
the gearing in the tranny suuuuuuux. with my v8 and even for street driving first is too tall, second is too tall for low speeds, and too short for high speeds and 3rd is 1:1 so its what 4th is in your 5 speed so even 3.73's with 33's i'm roaring down the freeway at 3,000+ rpm in the slow lane. it would kill the already killed-from-ford 2.9
i only am using it because it is stronger, and more bulletproof than any other trans. (having granny is its only saving grace) if strength weren't my main objective i'd have a 4, 5, or 6 speed