AWESOME! something I can actually answer! woo hoo
ok I'm lowering my 92 Ranger which has the same suspension as your 94.
2" lowering springs (I don't recomend cause of camber issues)
3" drop i beams this is a special made I beam that bascially moves the spindle assembly up
u can flip the axle on TOP of the leaf springs, cheap and easy
this gives you about 4" drop
u can get shackles which move the ends of the leaf springs UP thus moving the truck lower, I tihnk they are good for about 2"
#3, my fav. Find an explorer rearend get the explorer springs and use it. The explorer rear sits on top of the leafsprings giving you a factoy 4" drop in the back and also adding disc brakes and more often than not, Limited Slip and a better gear ratio (3.73, or 4.10).
Also once you drop you will need lowering shocks as well.
You may want to browsw the suspension/lowering forum on www.rangerpowersports.com
for more info on this. They slam and jsut do static drops all the time over there and they have TONS I mean TONS of info.
Good luck let us see some pics of your truck right now man.