So, I have seen a ton of things all over the lace about a 302 swap, but I never found anything matching my scenario.
I own a 1994 Ranger Splash 4x4, with a 4.0 OHV, and manual 5-speed. It has a 3-inch body lift as well.
I was wondering what the approx. cost and work I would put into swapping it to a 302. And should I go with Carb, or EFI?

 

This will have the info you need: Ford Ranger V-8 Engine Swap

They budget 50-70 hours labor, cost of parts is really up to you to figure out since there are new and used option for most parts.
Often buying a rolled or otherwise damaged truck with engine, trans and transfer case can save you some money in the small parts that are often forgotten when doing a budget.

Carb and HEI ignition means you don't need a computer, but do need to make adjustments all the time to keep it in tune, also budget for a pressure regulator to reduce current in tank pump pressure of 35psi down to 9psi, you want a model with Return line.

EFI requires computer control but has almost 0 maintenance and better MPG.
Distributorless ignitions are also trouble free, but do require Crank sensor to operate and cam sensor for better performance.

1994 has analog dash which means it doesn't need computer, so can go either way.

But '94 also uses/needs a speedometer cable..............the current M5OD-R1 trans won't bolt to 302 engine.
So you need to get another transmission/transfer case and it needs to have speedometer cable hookup which were disappearing on Ford transmission is the early and mid-'90s