you could run bigger with Suspension and BL but the front end just cant handle it.
You can choose from either Superlift or RCD.
Superlift is 100% compatible with your truck as is.
RCD will require you to run 01-02 sized rotors and pads, so you will need buy those as well.
Both kits require the Superlift Driveshaft that is 400$
RCD kit is a coil over conversion running about 2200$
Superlift is a torsion bar suspension like your truck is now it runs 1400 new can find better price if you search around.
Performance Accessories Sells a 3" body lift that works on 01+ rangers.
You will need new wheels as well.
also if you get the Superlift is comes with rear lift block to list the rear... Some better options are the Add a Leaf (AAL) and a chevy drop shackle. to achieve that lift in the rear.
as for regearing... im running 35s with 4.56s gears and my truck came with 4.10s with 4.10s and 35s the truck is so doggy its almost useless. i would recommend regearing if you are going to run 35s that is around another 1000...
2003 Ford Ranger Lincoln Powered 5.4L DOHC, 42s, COs, D60s, 203/205, 4points, caged, full hydro, 3link front and 4 link rear.
1998 f150 bone stock baby hauler...