I think this is the first time I've seen someone start with the rear and take it that far down. An said a few times you are at about a 7" drop now. To get the front leveled you will need about 5 or 6 inches, depending on how much your leafs have sagged over time. To get this you will need a combination of beams and springs. The beams will get you 3" without affecting your camber much, then you will need two or three inch drop springs to get the rest of the way. Using springs on top of beams can quickly lead to an uncorrectable camber issue, 5" drop is usually align-able (IIRC), 6" is borderline and depends on the truck, while anything more will usually not be align-able. You mentioned in another thread that you would like to bag this truck eventually. Drop beams will be necessary for that to work the way you want.
As stmitch recommended I'd remove that block, that'll put you back up to about 4". Get some beams to drop the front down. If you want lower (and you probably will) get some 2" drop springs for the front, which will net you about 5" suspension drop. If you need to bring the rear down more try the shackle flip, it's good for about 1.5-2". At this point you'd be at about 5" front and 6" rear.
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To give you an idea of potential drops to be had from suspension mods.
Modification: drop in inches
Front:
lowering or cut springs: 1-3 depending on how much you cut
Drop beams: 3
Rear:
Shackle & Hangar flip: 1.5 to 2 (depends on truck)
Extended (chevy) Shackles: 1-2 (lift with stock Hangar, lower with flipped)
Axle flip: 4
Block: varies (lifts or lowers depending on position of axle)
Front and rear can be mixed in almost any combination.
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Just some eye candy, might help you pick a goal for static drop:
^^ 3/4
( front drop / rear drop )
^^ 5/7
^^ 6/8
EDIT: Sorry I know this post was already long enough but I wanted to add this. Before buying beams you might also want to think about your front brakes. IIRC this truck was also a V8 swap, and some people like better brakes that what a first gen had. It is possible to install the dual piston calipers from a 95-97 Ranger, but doing so also requires swapping spindles to 95-97 and installing 89-97 I-beams. If you think this is in your future now is the time to do it so you don't have to buy beams again.