I have a 95 ford ranger that was run hot and lost compression, I have a junkyard motor already not installed yet. is there any common issues/ failure points i should go ahead and tackle while the engine isnt in the vehicle?

 

Welcome to the forum

3.0l Vulcan engine
Used engine needs to be from a truck or van, not a car, cars had different cooling system, so head gaskets had a different flow pattern
Also 2004-2006 3.0ls could have bad heads, bad exhaust valve seats, avoid those years

Yes, common coolant leak was the front cover, the timing chain cover, pull oil pan and the front cover, new gaskets in both, also new front crank seal and rear crank seal, they are cheap but hard to get at with engine in
I would replace the oil pump with pan off, just because
Timing chain was never an issue with the 3.0l Vulcan, it doesn't even have a tensioner, but up to you since cover is off

There is a coolant pipe on upper front of engine, an "elbow" that liked to rust out, has a sensor on it, give it a good look

 

Yes Ron D said it all, do it now if you can. if not at least the water pump