My first vehicle was a fixed up 2.0L 84' ranger with 4 speed manual just 4x2. I loved that little truck. Rebuilt the engine by myself the summer between my jr and sr years of high school due to putting in a new cam(because it seemed fun, and was not needed) that caused some already stressed rings to go ahead and shoot craps (Im not a mechanic, just a techy who can read a manual, they are that easy to work on). Very easy to work on, lots of room under the hood. I stripped off almost every stupid vacuum tube that I could. (the only one that was absolutely needed was for advancing the timing, as far as i was able to tell) Mileage on the 2.0 was around the 18-20 range with mixed hw/city driving (in kansas so fairly flat roads). I would definitely go with the 2.3 if you do go with a ranger. The engines were used longer and in more things. Iv actually seen the same 2.3 engines used in endurance cars and they cleaned up the field. Lots of "mods"/interchangeable parts out there for them. The truck had a factory installed aftermarket AC that actually put enough load on the 2.0 that you had to work the gas while sitting at a stop light if the AC was on LOL (gotta love that old 2.0 power). I actually bought my VW because I missed driving my ranger so much. (manual to auto, now back to manual) Selling the ranger to my cousin who totaled it 6 months later was the worst decision I ever made in regards to vehicles, and not a day goes by that I wish I still had it, even with the new VW which is fun as hell to drive.
The one big problem I had with that thing was the starter and solenoid, I think in the 7 years I had it I put on 3 or 4 starters, and just as many if not more solenoids. In the 70k I put on it only went through 1 distributer cap, and 1 set of plug wires, and 1 alternate that was new when I got it. I had to pull off the EGR pump before it hit 100k as it crapped out and any parts related to it. Kansas doesn't have any emissions inspections so it was no big deal here (actually got better mileage after that due to the strain the crapped out pump was putting on the engine).
Good luck with your search!
J
( i actually found my old Chilton's (sp) book for it the other day... good times... good times..)