I'd like it a little lower mainly for looks. It's not a truck that needs to sit as high as it does.

 

The front is hardest to lower because you need to buy new parts
Rear can be easier but still needs some work

Good Mini-truck section here: https://www.therangerstation.com/tec...g-suspensions/

And there are the tires
If you are driving on the street and not hauling heavy loads you do not need the big sidewall tires
You can go here: https://tiresize.com/tires/Ford/Ranger/

Go to 2004 Ranger and click on your current tire size, it will show you the Diameter of your tire
If its say 28" and you get new tires that are low profile and 22" diameter that's a 3" drop

 

Book mark this.
https://www.therangerstation.com/tech/

 

You need to make sure you have coil springs instead of torsion bars first off. Torsion bars can only be lowered one way without involving cutting torches. Coil spring trucks have more options.