Highly recommend keeping the EFI and using a MegaSquirt/microsquirt to control. Very easy on those engines with plug and play kits available.
In the short and long run, very easy to do and easier and cheaper than tuning a carb. Power adders are a easier as well.
Now you're on a better path imho.
Bobby and I have had a discussion about Colognes vs. literally any other engine made a very short while ago.
Colognes (1.8/2.3/2.6/2.8/2.9/24v DOHC/4.0/SOHC) can be built into decent power producers. Their biggest advantage over other engines is their TINY footprint and light weight.
You also have to be insane to build one. They're extremely temperamental, prone to head issues (2.8 and down and the DOHC do not have head issues, just the 2.9 and 4.0), and you're going to have to make some of your own parts, and all of them after a certain point. At times I'm literally down to graph paper and a calculator to figure out how to squeeze more power out of mine. I'm certainly not initiated as he puts it, but I am nuts. Turns out that's the total qualifications needed to do what I'm doing.
Windsors are easy as hell to build. Cramming one in a Ranger is rather simple from what I understand. Have thought about it, but I'm not a fan of Ford V8s (save for the flathead V8 and the 289, love those things).
And of you want more power, it's just a trip to the junkyard away.
@deathbypsi has a BADASS B2 he built with a megasquirted 302. He's around these parts somewhere.