I'm doing that job today.
I bought a Sport, 1999, a little over half a year ago. I plan on driving it for at least 10 years, not too many miles a year.
I am not in a position to offer you advice about what to do, just thought I'd tell you about my adventure this far.
Today I am buttoning up the motor, putting the lift chains back on, and getting ready to set 'er back in. I was able to get a Cloyes at a super price, $250. I did notice that some of the cheaper offerings are so because they may not include some of the sprockets, a few of the sprockets, etc. Napa gets over 500 bucks for the whole deal. Tousley has been a very helpful source for parts from Ford online.
It is a huge job. My first time, but I was a mechanic (motorcycle, European) decades ago. Otherwise, I'd 'a never made it. I got an engine lift, motor stand, and the Ford timing tool kit from craigs for 200 bucks. It can't be done without jerking the motor. I had fun. I'm retired. It took everything I owned, tool wise. Even had to torch the ancient rusted manifold bolts off. Mice had made a home years ago in the center of the engine, top side. It made some parts unusable, since the acid mouse p welded some parts together. I only mention this because it is a big job that can get a lot bigger than the original quote.
The only reason I am doing the whole thing is because after hearing the really loud startup rattle just once, I never wanted to think about hearing it again. After inspecting the guts of the engine, I am very pleased. It appears to me that it will go on many many miles, since most specs are like new. This one had still the stock components except for the two tensioners which obviously had been replaced. One of them was the wrong one, which was failed, resulting in my rattle.
The scariest thing was while replacing the crank to jackshaft tensioner, I took my thumb and flexed the timing chain into the spring. That tensioner exploded into pieces from one little touch! Not too much life left in that thing.
After doing all this work, the Ford quote would be a bargain. I do not mind the hours since I am retired and having fun while using my Ranger until I finish this project. I need the 4 wheel drive for getting around in the snow, and boats in the summer.
Hope this helps y'awl a little. I have gotten immeasurable assistance from people on this forum.