Fuel pump tested at 32psi running which is OK so I wouldn't go there just yet.
'89 2.9l should be using a MAP sensor to adjust fuel mix.
The MAP sensor should be on the firewall passenger side toward the center, often behind main wiring harness.
It is small, maybe 2"x2", it will have an electrical connector and a Vacuum hose.
Check that vacuum hose, remove it if needed, and make sure it is air tight.
MAP sensor tells computer the current vacuum in the intake, when you open the throttle the vacuum will go down, MAP/computer sees this and increases fuel based on load.
MAP sensors rarely fail, vacuum hose does
TPS(throttle position sensor) is also part of that increase in fuel as throttle opens.
TFI ignition system can also cause bogging.
When you want to accelerate the spark timing must be advanced to maintain power.
The TFI has a SPOUT(spark out) connector(jumper) that is removed when setting up the base timing(adjusting distributor).
If this has fallen out or pulled out then you may not have spark advance working correctly.
It is usually a 2 wire connector with a gray plastic insert, pull out the insert and put it back in.
Picture of SPOUT connector here:
http://www.fordrangerforum.com/2-9-liter-tech/93749-1988-ranger-timing.html
Could have a Black base as well