Bear in mind it's a 4x4, if you intend to use 4WD you'll need to regear the front axle as well. My personal gear rates are $250 in labor plus parts per diff, but you can easily sink $300-600 into each diff depending on how many bearings need replaced, the gear set, if you're going to install a new limited slip or locker (it's a 4x4)...
And in the end, you now have a 3.0L Ranger that is perhaps the most doggy truck on the planet that you'll HATE driving because it can't get out of it's own way, and you might get 1-2mpg highway out of it, potentially losing city economy because of how much harder the engine must now work to accelerate.
I'd personally stick with improving your eco skills (try the Torque Pro program with a Bluetooth device/adapter, it's cheap and fun!) and doing some efficiency upgrades to the motor. If you want to spend a lot of money, consider some lower rolling resistance all season M&S street tires (mudders not the best for economy, lol), then some aero mods like splitter and belly pans.
Good luck!
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