A 500hp 4bt is going to put out massive torque compared to anything normally used in a Ranger. Frame bracing is probably going to be required. Obviously, axles and drivetrain components will have to be upgraded. In addition to the strain from the increased power and torque, all of these components will be adding weight to the vehicle too, so that will need to be considered as well.
The easiest option, since you'll be replacing every major component of the truck, is probably to try and find a cheap donor truck that is being parted out. I'd get the engine and trans figured out, plan on an SAS for the front and upgraded rear axle. You might be able to find leaf springs that will work, but a link suspension is probably the preferred option in the back. Cubic dollars, plenty of fab skills and a chunk of time will be required.