Re: I want more power
The most bang for your buck would be to lower your rear axle ratio. Check to see what ratio you have now, I had one here with a 3.08:1 ring and pinion, it was ok on the highway but a real slug around town. I swapped in 3.55:1 and it felt like I added 4 cylinders. With the 5 speed you have some room to play, depending on what percentage of your driving is out on the open highway and what is in the hills. Knowing WV roads, I would go with the lower gears. Stay with a factory available ratio, and correcting your speedo will be as simple as a speedo gear swap as well. Some of the 4x2 trucks really came with some tall gears, I own a '94 that's geared like that, so much so that first gear feels like it should be second, but it gets 25mpg, so I live with the lack of power, plus the roads are pretty flat here.
I am not a fan of those add on chips, it always seems like you gain in one area, but lose in another. I also own a 91 4x2 longbed, it runs circles around my 94, but its got a 3.73:1 rear axle ratio vs. a 3.08:1 gear. factory ratios used in the Ranger were ; 3.08, 3.27, 3.45, 3.45, 3.73, and 4.10:1. You could either replace your existing ring and pinion, or find a good used rear wit the ration you want. keep in mind that they did make and sell a 4.10:1 rear in many 4x4's so there's little worry about going to low. but also keep in mind that 4x4 trucks used a larger tire with that ratio, so it will be actually much lower if your running stock 14" wheels.