Well, there's really nothing called a "limited locker". Do you mean a lunch-box locker? (the ones that just replace the spider gears, and provide full lock to both wheels), this would fit the lock-rite.
Unless you're abusing the 7.5" it's actually an alright axle.
The 7.5's and 8.8's both came with L/S differentials, though the 8.8 significantly more so.
A limited slip will be a lot more passive, and you should barely notice them. A lunch-box locker has a tendency to bang and jump a bit going down the road. They engage when the power is applied to the rear axle, the spider gear cross-pin "cams" the 2 halves of the locker outwards and engages teeth that lock the tires. Sometimes going down the highway that has long sweeping curves, depending on how much power is being applied they can lock or break the tires loose without your intending to. Some have had better success than others.
If the vehicle is primarily a driver I always recommend the limited slip approach. A swap would be the cheaper route, but the clutches would probably need to be rebuilt (replaced). Or you could do a carrier swap on your current axle. In which case you'd be silly to put anything other than a Detroit Tru-trac in it (gear driven L/S, very nice unit, works very well, roughly $500), but then you'd need some setup fees to re-do the ring gear too, but if you're not swapping gear ratio's the cost shouldn't be too bad, most of it is already set up. The FX4 Rangers will have these fancy differentials already and will have a 4.10 gear ratio (deeper gears are rarely bad for a 4 cylinder, I actually saw an increase in mileage swapping to 4.56!)
Alright, swapping. ANY model year Ranger will do nicely, but there are some width changes, stick to roughly 1993+ Rangers. Super new rangers have disk brakes, some have reported issues with brake master cylinders when swapping to disks but I'm not sure the exact issue (never looked, besides, drum brakes work fine). Also, get the 10" brake drums if you don't already have them, don't waste your time with the 9" brake drums.
http://www.therangerstation.com/tech_library/Axles.html
That should get you a pretty good start!