A truck a recently sold would be similar to what you are describing, Regular cab, 2.5l / 5spd, explorer 8.8 lsd 3:73, explorer sway bar and 5/7 drop. Here is the link to the for sale ad:
https://www.therangerstation.com/forums/index.php?threads/va-1999-mazda-b2500-lowered-5-spd-8-8-lsd.177837/#post-1663267
I have had lots of rangers, of all motors and trim levels. But focusing on the truck I linked it would drift well in the rain, but on dry pavement it wouldn't do it with the 17"s but when I had 15"s with 225/50 nitto 450s on it you could drift a single corner with some entry momentum but you really had to huck it in hard. You're not gonna break a refreshed 8.8 LSD I wouldn't be concerned with that, but don't waste your time with welding either size axle, welded diffs are shit to drive, my local junkyard sells explorer axles for $100 they are everywhere.
The smaller the wheel/tire combo you run the easier you can break them loose, but you also run out the rpms much faster as well.
It could drift circles around a cone ok, but you literally had to give that motor every single ounce of everything it had to make it do it. You will never ever manji a straight, not gonna happen, and you will never transition directions. The truck just doesn't have the power or the rpms, it just runs out of power and then hooks, which is dangerous. There is no modulation of the throttle, it's everything, and without modulation you don't have control.
The ranger chassis is doable, but solid axles are shit for actually drifting, converting to IRS would be night and day. Either 4.0 version would be a much better choice than the 2.3/2.5, and the supercabs drift better than a regular cab because of the longer wheelbase, but they are alot heavier as well so your eating more power.
Drifting is not about about big power, but you do need enough to overcome the vehicle weight and surface traction level. There are some really good drivers at the local events that drive non-turbo 200hp cars. It about suspension setup and skill, not really about power.
If you want to learn to drift, buy a 240 or is300 like everyone else strip it down and go smash it up. You are working against learning how to drift using a ranger (or truck) because you will be fighting the platform you are using. I'm not saying don't do it, because it is doable, but it's a seriously uphill battle and the time/money is better spent learning the skill first.