1991 also had M5OD-R2 just had shifter farther forward.
It was used in F-150s since 1988, and full size Broncos since 1987
The M5OD transmission series have integrated bell housings, not detachable, so each trans made was engine specific, inside they are the same, outside they are not
1996 and older had shifter farther forward so didn't fit Rangers well, new hole cut in floor and custom bent shift arm needed
In 1997 shifter was moved farther back so matched Ranger M5OD-R1 placement.
You can change the 4WD to 2WD and if you had a bad 2WD Trans and got a good 4WD then I would say go for the swap, but.............buying a 4WD trans and then buying parts for the swap might not be the best.
I would price 2WD 1997 and up M5OD-R2 transmissions from 4.2l V6 engine just to see what difference would be.
It will be a better trans with newer parts and shifter placement will be same as Ranger had
Yes, all you are doing is reeming out the holes, I think 1/8", it is not much, 4.2l bolts were metric, 5.0l bolts were standard