Remember that Ford geared these things rediculously high from the start. Mine had 235/75R15's and 3.27 gears when new. I got it with the same gears and 31's.
I've got 4.56 gears in it with my 33's and it's a bit over geared now. Going up to true 33's or maybe 34's soon.
If it's a 5 speed manual you want 4.88's or 5.13's to have it drive like it should. If it's an auto I'd stick with the 4.56's to keep the revs down.
They put 3.73's and 4.11's in 4.0L Rangers that come from the factory with 31's.
Regearing makes the truck SO much nicer to drive and "more powerful". You don't actually gain any power, you can just use it better.
Now, are you going to really put a V8 in it? If so, the gear options change. It depends on what transmission you want to use as well, auto/stick/OD/no-OD, etc.
Also, ever been to
www.TheRangerStation.com? All the Ranger Based Vehicle info you'll ever need. /ubbthreads/images/graemlins/cool.gif