With the motor he could do it for under $1000. If the motor has the C4 tranny or an AOD your are fine, if not it probley has a T5 which can be used. All you will need at that point is a new oil pan, radiotr, motor mounts, and headers. Check out www.jamesduff.com they have alot of stuff.
I had an 84 ranger I put a 289 in.
Some items forgotten :
Exhaust and emissions certifications, Relocating the oil filter, Electric fans, strengthening the rear axle and suspension to take the new torque levels, Front suspension needs to be adjusted to take the new weight ( This is what put me into my first auto accident ever in life ). Fab-ing or relocating the heater box/blower motor, steering knuckles to exhaust clearences on the drivers side..
Some misc items : Welding in the adapters for the motor mounts ( I dont trust a pair of 5/8ths bolts ), cutting and bending the seam on teh firewall so the bellhousing has room as well as the tranny dipstick, opening some ventelation to the engine compartment so the bloody thing doesn't constantly overheat! Wiring all your gauges in to match the new ecm ( ECC4 is good for this, its a happy medium ) .
Those are some of the reasons I'm not presently running a 347 and decided to just juice the SOHC I presently have. ( Tho.. this winter marks a change of attitude and the engine im going to build will be a v8 ).
The BEST way to do this swap is to find an Explorer that was rear-ended and take the whole engine compartment from it as well as the front suspension. Putting 500hp into our truck is VERY easy.. making it work and last/be balanced so the vehical is stable.. it takes a lot of time and effort.
"im thinking a v 8 ranger will be here soon"
I don't believe this is true. With the SOHC going into the mustang, the aftermarket operatunities and parts that will be able to convert to our platforms... the 'bang for the buck' will make a v8 conversion seem less glorified in cost as well as performance.
A lot of import drivers have the solution to ' theres no replacement for displacement'.. their moto is " technology is a replacement for displacement " and I kinda represent such myself.