Out of frustration and impatience, i went ahead and spliced in a 4-wire O2 sensor I had in my toolbox. It had two white wires, a black wire, and a grey one. The 3 wire plug had two white and a black. So I wired the two whites and the black one and ignored the grey one. The truck ran good, with no CEL for about 4 miles. They a CEL came on. The truck continued to run ok. I'm guessing it finally figured out I was using the wrong O2 sensor, or the bad splice job gave out. I haven't checked it as I came in to let the truck c (exhaust pipes) cool off before investigating. I'll order the correct O2 sensor from Ebay for 10 bucks and wire it in right and that should take care of the problem.
New problem however. Now that the truck is running smoothly, I can feel the other problems. It doesn't shift from 2nd to 3rd quickly enough. Resulting in the engine revving up between 2nd coming out, and third going in. I think its a valve body problem, as none of the gears are slipping once they are engaged. But again, I know more about the 4R70W than I do about the AODE that I think is in the Ranger. It could just be a broken spring in an accumulator valve. I've replaced those in a 4R70W before. I'll know more once the O2 problem is sorted out.