I recently did this to my 2.8 over last summer. I put a M50D in replace of the slow C3. It bolted right up with just a little trans tunnel trimming in the front (keep the M50D trans bell housing bolts though). Save your old trans mount and everything will bolt up perfectly to the original cross member after drilling some new holes for it to mount to the chassis. I used a '84 clutch master with a pad from a '92 4.0 engine. All of the rest of the clutch parts were for a '92 ranger (very important!). If you get stuff from a later model, your master and pad won't work. If I can remember correctly, I got a driveshaft from and extended cab longbed ranger. If need be, I can measure it for you. I skipped all of the clutch switch things when putting in the new pedal assembly. Saved time and it will be more reliable in the future.
Feel free to ask away if you have any other Q's!
EDIT: Pay attention to the quick release fittings on the throwout bearing and clutch line. They need to be the same color to hook up (mine are both black).