Wiring a 2.3T into a ranger is not hard. if your going to do a 302 swap try to stay away from the cheap carb on explorer engine set up. It will suck fuel and not go any where fast.
I already have an explorer with a 302 that runs good.
Personally the 2.3T offers good power and torque with out killing fuel economy.
A lot depends on your end goal. A bolted and tuned SVO can give a mild 302 a run for its money however both can become expensive once you start getting close to that 300hp mark. For the 302 that means cylinder heads, cam, higher compression, and of course intake and exhaust work, for the 2.3T it means a bigger turbo, better intercooler, and supporting mods.
I have a set of aluminum head, a lunati 51014 cam flow master exhaust for the 302.
On a budget I would say unless you have a healthy fuel injected 302 sitting on the shelf then go the 2.3T route. They are cheap to upgrade and you can make 200 the wheels with the correct ECU and a good exhaust system. That's a good starting point considering a healthy FI 302 in a stock fox would be around the same. Now turn up the boost a little with a larger front mount and some good tuning and your in the 250 range at the wheels and still getting mid 20s for MPG.