What you need, is money for parts, welding/fab skills, knowledge of suspension geometry, and how it works, or a shop to do the work for you, which means even more money.
Bag jobs are custom, so you'll have to decide how extreme you want to get, and how much money you're willing to spend to get there. As a general rule, the lower you want to go, the more work is required, and the more expensive things get. The same is true for wheels and tires. The bigger you go, the more cutting/fabbing you'll have to do.
Do TONS of research before you buy anything. Look around online for guys with trucks like yours that you like. Check out their suspension setups, and see if it's within your price range.
Any bag job will require bags, lines, valves, a tank, a compressor, and switches or controls.
If you just want to go up and down on the cheap, then you can get djm dream beams for the front, and do a bag-on-bar rear setup. It's a simple setup, but limits your travel, rides like crap, and you'll have lots of negative camber when you're lower than stock, which chews up tires really fast.
If you want a better ride, want to lay out more, or want to avoid camber problems, you can replace your front suspension with a control arm design from a newer Ranger, Mustang II, or older Toyota truck.
Lots of guys run 4 or 6 links in the rear for more travel and better ride quality.
If you want the absolute best setup like the trucks in the magazines, then a full custom frame, or SFBD is the way to go, but that's big money, and tons of fabbing.
So you see where this is going? It's up to you what setup you end up with. Figure out what you want the final result to be, figure out how to get there, and figure out if it's within your budget and skill level to make it happen.
These sites should get you started:
Do lots of reading and research here:
http://www.rangerpowersports.com/forum/f413/
Buy parts here:
http://shop.illusivefabrications.com/
These 4 and 6 link kits for the rear are sold ^^^^^:
http://www.kplinks.com/home.php