If you're taking Chassis fab then definetly bag it. Rangers aren't the easiest trucks in the world to lower or bag though, thanks to the I-beam setup.
However, if you have a few hundred extra bucks laying around, pick up a cheap and beat 86-93 Mazda B2200. Those things are so easy to lower and are super easy to bag and chop up.
btw Adam, your truck is hot. Can you say camber!