You'll be happier with a turbo for several reasons, not the least of which is you'll wind up spending WAY less money to make it work than I did. Also, if you're going to do an engine swap, it's probably easier to simply drop in a 5 liter than having to mess around with making a 3.8 work.
It looks like there's a lot of room beneath the hood of a 4 banger Ranger, but trust me in this--the room disappears quickly. What's nice about a turbo is that all the engineering has already been done, and there's quite a bit of experience in the Ford enthusiast community with 2.3 liter turbos.
As far as I know, I'm the ONLY person who has bothered with a supercharger, and it's taken me white a while to work out all the problems.