C4 = 3speed, can you live with that?
Yes
Ford put the C3 or actually it was now a C5 behind the 2.8L in the early Ranger and BII
When they did this they gave you a bellhousing that bolts to the 60 degree V6, 2.6, 2.8, 2.9, 4.0L OHV and 4.0L SOHC
So you can take a C5 bellhousing and tailhousing (4x4) and install the parts onto a C4, careful, the c5 needs some updates to take the power of the 4.0L
Or you can rebuild a C5 if you can find one with the guts from a C4, including all updates
Or you can go to Cullhane who is now producing an aftermarket 4.0L adapter for the C4
Or you can order a C4 built with the cullhane adapter
but the C4 is 3 speed, no overdrive
Also your 97 is going to need some changes, some work
Your 97 is used to controlling your auto trans, if you put a C4, 700r4 or any other trans in there (there are more adapter on the market these days for even fullsize trans) you are going to want to convert your 97's computer and gem to think its a 5 speed, a little bit of wiring
C4 can be built into a *****IN trans, from mild to wild, there are even OD kits for them... the reason I went V8 was because I couldnt justify a 6 hour drive to Moab in 3rd in a BII on 35's, and the $2500 it would take to get a reverse valve body updated C4 to my door with an Art Car shifter goes a long way towards a V8 conversion
C4 is a very popular trans in desert racing RBV, very common these days to use a hopped up SOHC 4.0L in front of a built C4, 5.13 gears, 37" tires and HANG ON