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I had a 94 ranger with the same engine and a dieing 5 speed manual trans. Rust seems to be a fairly large issue with them mainly cab corners, tail gate, and right above the rear wheels (normal for fords). Mine had the primary coil bad, so it was running on the secondary / waste burn coil, MPG was bad with no power lol. Floored aginst the wind max speed was 60mph on the express way, with the wind I could get 70-75mph. ~18mpg going to college and back. Also keep an eye on your rear leaf springs to frame, the back mounts let go from the frame on mine.
If you do all the mods you list, I'm going to guess 40-45mpg. I have heard of people getting 30mpg taking an easy on them. I assume yours is the 2 wheel drive model correct? I did like the manual trans, it seemed to be fairly high geared. My 4th gear was really messed up, so I had to shift from 3rd to 5th.
I would vote to remove the passenger mirror if legal, my car mirrors are smaller and I did gain mpg from it.
Good luck, I'll be watching this.. I always seem to use my car as a truck... lol.
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