Static dropping a 94 is not to bad. Deambeams and the axel flip kit should bring it down about 3 inches. Lower than that can be accomplished with front lowering springs and flipping the rear leaf spring mounting brackets upside down, about another 2 inches of drop. This 2 inches may require notching the frame to keep the rear axel from hitting.
Another way to go is to lower the front and install an 8.8 rear end from a Ford Explorer this gives the rear about 5 inches of drop, and can be done with the Disc brakes.
Ranger Power Sports has a section with lots of info on Static dropping the Rangers.