Some awesome Info fm The Ranger Station:
Good page to Bookmark here:
The Ranger Station Technical Library Index - Showing You The Way Since 1999!
In axle section are the codes, seen here:
Ford 7.5 & 8.8 Inch Axle Tag & Door Codes
86 is a 7.5" OPEN, with 3.73 ratio
You have to match ratio to front axle, on 4x4s
7.5" and 8.8" Ranger axles are interchangeable so you can use either, same drive shaft flange
Also the frames and mounting are the same from 1983 to 2011, but...........
In 1993 and up Rangers were 2" wider, so axles were 2" wider, same frame and mounts just wider body
So on your 1989, a 1993 and up rear axle would have the rear tires 1" farther out on each side
A limited slip(L/S) rear axle would a nice upgrade, 3.73 ratio of course, and it was the most common ratio on Rangers
7.5" or 8.8" doesn't matter
Rangers came with either 9" rear brakes or 10" same hoses and connections, try to get "new" axle with drums included
2010/11 Ranger had rear disc brakes, and can be used but some extra work is required with E-brake and hoses