Well the T5 has a detachable bell housing and Ford did put the T5 behind 2.3l engines in mustangs, 2.0l/2.3l/2.5l are all Lima engines so used the same transmission bolt pattern
So yes, it should be doable mechanically.
In 1985, Ford was one of the first companies to adopt the World Class T-5 by installing it in both the 2.3L and 5.0L Mustang, Fairmont, T-bird, and Cougar, to name a few. The 5.0L V8 received a 3.35 first gear set with a .68od while the 2.3L received a 3.97:1 first gear with a .79:1 OD.
From what I am reading here you want the whole transmission from a 2.3l Mustang to get correct gear ratios.
You will need to measure difference in shifter once you have the complete T5, I would assume it will be a little farther back.
The Ranger clutch master cylinder can be used with external clutch fork setup you just need to get the correct slave for it.
Or you can spend $200 to $600 on hydraulic clutch kit for T5