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GEARS, gears and more gears, you could run 4:56 for some added pep, also under drive pulley's. A turbo would be the ticket, but it does get a bit pricey, the easiest way would bee to find a wrecked or junked thunderbird turbo coupe and ****** the motor. Intakes and exhaust isn't going to do much for your motor other than a cool sound, also I believe your truck is a 91 and there's not much out there for that year. The head dosn't flow real well on the 2.3 lima, so a port and polish, bigger valves and a cam, also change out the pistons or mill the head for higher compression would help, but then the price will be getting up there. Racer walsh.com has 2.3 go fast parts. Being that it is a 91, have you concidered a 5.0 swap? James Duff enterprises has 5.0 conversion kits for the ranger and if you have emissions under control, should be a breeze. The cheapest and easiest way would be gears, udp and open the exhaust a little. Let us know which set up interest you the most, build the 2.3, turbo, or 5.0 swap and we'll try and guide you in that direction.
Yup, the Merkur's have a turbo 2.3L pretty much the same as the TC's.
He said a little more pep so I suggest a free flowing muffler and removing the air muffler in the intake tube if you have one, there might be a baffle at the end of the air filter housing too.
Depending on your gears now, they'd help. 3.73's are about as high as you want to go if you drive interstate much and are going to keep relatively stock 2WD tire sizes. If it's 4X4, 4.10's will work fine. If you usually stay under 60mph, go for the 4.10's or even 4.56's if you're running a larger tire. I'm not sure about keeping the speedo reading correctly with 4.56's though, it might be too much to correct for since you have a mechanical speedo.
Ouch, a mechanical Speedo, that's gotta hurt! J/K, all these have been great ideas, it just depends on how much you want to spend, and also how much you can do yourself. Removing some restrictions from the intake and exhaust, and doing a minor port and polish would probably help as much as anything. Racer walsch and Esslinger enginering both offer some parts for the 2.3l, so go nuts, spend what you want. The pistons are the first thing you'll want to ditch if you get radical, they are a weak link. But the bottom end is identical from your truck to a 215 HP Mustang SVO 2.3l turbo, so no worries about strength there (rumor has it the bottom end is good up to 300 HP and 8000 rpms)!!