Ranger and the Mazda B series are pretty much the same truck, but what I have in mind for a bit farther on is to mount a Ranger cab and bed on an explorer chassis that's had a 351 engine set up in it.
The advantages of the explorer chassis are four wheel disc brakes, extra stability, and four wheel drive already set up in it. I was told I could get my hands on a chassis with the body stripped off and no engine for right about five hundred US $. That was a few months ago, when I priced them out at a wrecking yard.
Got two engines waiting to be built up already: one is a 351M, the other a 351 Windsor. I have a 0.500 lift cam for the windsor already set aside.