Re: 1988 ranger
I'm not too familiar with the 2.8 but as long as you align the flywheel to top dead center then install the new chain, you'll be good to go. If it had a belt, I'd be a bit more concerned and in that case it might be worth while to check the heads out for any bent valves. If it was my engine, I'd do what I mentioned above however I also have the means to replace it should something else be amiss. I'm sure more knowledgeable folk will chime in shortly.
'11 Ram Quad Cab 4x4 SXT 5.7L HEMI (stock); 48,500m
'06 Pontiac G6 GT 3.5L 220hp; 64,000m
'12 Chrysler 200 Limited 3.6L 283hp; 28,000m
'99 Taurus 3.0L 2V Vulcan 145hp; 154,300m - Traded
Amsoil in all vehicles!