The factory tow & payload packages included heavier shocks, rear spring up grade & tranny cooler, all of which you could make good use of, dragging around the larger boat in your hot weather, if the 94 doesn't have those options intalled.

Convert-A-***** "cushioned ball mount" has worked good for me & with your larger & heavier boat, the 94 driveline shure would appreciate it's rounding off & reducing the jerks & jars of towing that heavier load.
I've used mine for the past 10 years & it's holding up well.

I meant to say a class-3 hitch, not class two.
Don't try to tow that large a boat with a bumper mounted ball. It's not rated for that kind of load & won't be a safe tow!!!!

I orderd Fords factory installed frame mounted class-3 hitch & prefer it's safety chain hook up arrangment, it too is holding up well.

The newer Rangers have up sized brakes, which they needed imo, as I'd hate to have to try & stop a 5000 lb boat with my 99's OEM brakes!!!!

At least your in the flatlands, so that'll help on the Tug part & that with the boat having trailer brakes will help on the Stop part.

So if the 94's brake system is in good repair & has been flushed with fresh Morotcraft PM-1 Dot-3 brake fluid, you'd be good to go there!!!!

If you change the differential ratio, don't know, but maybe the computers programmed shift points may have to be changed too, so look into that also.