I have always repaired the alternator that came with the vehicle. Bearing are cheap, brushes are even cheaper, and the last new rotor I purchased was 17.50. I would take the alternator to a repair shop have them spin it up and check the diodes (diodes can be dissasembled and checked with an ohm meeter however spining the altenater up is much quicker), they are a little more complicated to change but not impossible. The local electrical rebuilder should have all the parts you require and will usually walk you through the repair proceedure. The only "special tool" you will need is a paper clip to retract the brushes before the rotor is renistalled.
A junk yard unit should be tested and disassembled before you install it on your vehicle.
For your year of Ranger pay close attention to the color of the field connection, as I recall, green field insulator on the alternator is 40 amp orange is 60 amp.