A 5.0L is a short stroke motor. Which means with a few key parts / machining you can have a perfect TQ curve for a light vehicle.
IMO do these:
Balance the rods & pistons to within 1/2 a gram of each other.
Balance the wrist pins
Then send them along with the crank, flywheel, and pulley to eagle.
Make your piston to wall clearance in the 0.003" area
B303 (or E303) cam
valve springs to match (7000rpms)
1.65 roller rockers
3.55 rear gears w/traction bars
2200-2300 stall convertor
Do those things and you'll have a motor that can spin to 7000 rpms w/o a problem. The low end TQ will be manageable and that ranger will be fast yet civil on the streets.
As far as the rest of the truck.. you'll figure all that out. Only thing I've seen a lot of guys do is to try and keep the stock radiator. Forget that.. get your self a slightly smaller 4 core radiator, move it as far forward as is possible, and get a nice big curved blade e-fan. IMO the fans on a V6 fusion or milan are pretty nice.
He who is enslaved to the compass is free to sail the seas