Not sure if this is common knowledge, but not many people knew about it unless they actually read their owner's manual/warranty book. (The most widely available yet least-read book aside from the bible)
Quite a while ago manufactures started covering cats, ecu's, and tcu's under an emmission warranty. (a bunch of other stuff that most people don't know about too...see list in the link below)
I worked for GM, so can't say for sure on when Ford started or what the time/mileage is for a 96, but it's likely 8 years/80,000 miles. That's what it is now.
I know GM's was similar when I was still there, and that's been over 10 years now.
I have heard of TONS of people who have no idea about the emmissions warranty and never called the dealer when their ECU or cat packed it in after their 'bumper to bumper' factory warranty period and paid through the nose for a cat or ECU when it would likely have been covered...
May not help you at all, but then again, it might...you or someone else...
Here's the details on the 2010 models:
http://www.fordvehicles.com/trucks/ranger/2010/warranty/emissions-warranty/
Happy Friday.
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<< Was typing while you were posting your compression test results>> If the cat ends up being hosed due to #2 dumping raw fuel into it, they might just cover it...
Anyway....good luck.