This mod is really pretty much pointless. You're still turning the front drivetrain everywhere you go, due to the "live" front axle. All you are doing is disabling a useful function. (sort of a poor man's traction control); and you'll get a nice glowing yellow dash warning light for your trouble.
Now, if you swapped to the appropriate Ranger parts, and used the manual hubs, intended to replace the stock Ranger PVM "auto" hubs, then you could have true 2wd; and the BWM mod would be useful to stop the transfer case from engaging. Although you might still have the "fluid shear"/overheat issue. The front half of the drivetrain would be "free", but it would still present some resistance to turning, thereby still potentially heating up the t-case fluid. I think. Opinions on that????
Oh and "shooting rooster tails and showing off" is nowhere near a good reason to do this. In fact, if that is your intention, save yourself some embarrassment (and hopefully LOTS and LOTS of tickets), and save the rest of the world from your stupidity, and just don't do it.