OK here is what I have been thinkin bout all day at work.
Find a 98-00 4x4 standard cab Ranger. Pull the motor,trans,t-case,harness and rear end.
Find a donor 96-00 AWD Explorer/Mounty and swap the 5.0,AOD,T-case,rear end,crossmembers,harness,front suspension and some misc interior parts into the Ranger shell.
It would end up with the stance of your Mounty,torquey 5.0,hassle free aod, matching 4.10's front and rear with a t-lok rear and find some kind of posi for the d35.It could be done with 100% factory Ford parts and the left over parts could be sold for a good chunk of a return.
Add a small nitrous kit to play with or down the road build a remote mount single turbo kit for a stealth like sleeper!
I wonder what I could sell my Merkur for????