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I have a 94 4.0 5 sp 2wd. I just put a street smart air intake on it and a complete exhaust system, not a cat back. It runs very well and has a nice sound. They (streetsmart) told me a chip would do good things but I don't have the $250 they quoted me.
If you havent done your exhaust or changed the intake give those items the 1st choice and follow with a chip later.
BTW my exhaust includes a free flow cat, a magna flow muffler and 2.5 in pipes all the way thru.
The OEM cat reduces from 2.5 to about 2 inches at its exit point.
Rezvani's Latest Post-Apocalytic Monster Is a Ford F-150 Raptor Underneath
Slideshow: Called the Fortress, the 850-horsepower pickup combines Raptor underpinnings with military-inspired features, survival equipment, and a starting price of $285,000.