Re: 88 ranger questions..
No way around it....it's time for a rebuild. A good way to tell if the knock is a rod or a main bearing is to disconnect one spark plug wire at a time while the engine is running. (Use pliers with an insulated handle so you don't get zapped!) If the knock stops after disconnecting a plug wire, you know it's a rod bearing. If it's a main, the knock won't go away.
It is possible to change a rod bearing without removing the engine but with all the problems you're having it's time to park it and either rebuild it or pick up a long block. They're available online for a reasonable price if you search around.
1992 Ford Bronco
E4OD- B&M Stage 2 shift kit
Full 3" stainless Bassani Exhaust
32" BFG's/stock suspension
"No replacement for displacement."
"Our lugnuts require more torque than most Honda's produce!"