My old Ranger used the Bobcat/Pinto 2.3L in MPFI form all the way through 1997, and then a stroked 2.5L version of the same through 2001. That means a drop-in replacement is available if you want more power down the road. They went distributorless via the unreliable TFI module in 1989, and then moved that functionality into the computer in 1994/1995.
Info about your "Lima" engine:
The Ford Ranger 4-Cylinder Lima Motors - The Ranger Station