Are you planning on driving this Ranger on the street? If so you're
federally mandated to have a catalytic converter on any vehicle newer than like 1972 or 1974. I'm not sure which one but I do know that a gasoline-powered '85 Ranger would be required to have one. So no, it would
not be legal.
I'd also say that it wouldn't be worth the risk of getting caught. Furthermore, in my experience the exhaust from a non-converted engine stinks to high heavens and I wouldn't want to breathe it on a regular basis.
YMMV.
If you're looking for maximum flow to max out your power, get a high-flow cat and a high-flow exhaust system (though I don't think it'd do much for your '85 anyway). If you're looking for cheap/really fast, go for the cat-back system like Toddler62 recommended.