some one did that on there years ago. (like 05, 06,) if it can find whom, i'll let you know.
but i think he used a 4.6 out of a mustang.

 

gregr has done the 4.6 32 valve swap but in a later generation I believe 1998 Ranger with a much different frame. The Gen 1 and 2 is considerably narrower where exhaust manifolds exit. Being in Ca I must use either stock or CARB approved exhaust and converters to pass a referee and smog or it cannot be street legal (no custom one-off headers) I will be converting to Rack and Pinion steering as well to alleviate the steering box issue.

 

I started this swap in a 91 supercab 4x4 changed plans as maintaining front differential was not going to happen and keep stock cat converters to be smog legal. Several frame mods required unless custom headers are built. Your 2 wheel drive would be easier but frame and steering mods will be required.
I've gone to a 5.0 GT40p engine from a 1997 Explorer with very few mods and almost complete. Performance parts are plentiful and cheap.
Sometimes it pays to be a fluid (take the path of least resistance) rather than a solid.

 

hey, love out of box thinkers. Anything can be put in any vehicle if you have time to work out the snags. If you think you have the skills I say go for it. I am sticking a 4.6 interceptor in my 99. Chose the crown vic motor because I got it for free. Would of loved a 32v but I'm cheap. My feeling why buy what I can build for less. Try it if it, whats the worst you have to change the plan. Thats why they're called projects, because they are always changing.