[Earlyboomer]

I have an 86 Ranger and found the original equipment muffler to be very restrictive. I changed it to a turbo muffler which is shorter and needs a short extension pipe to fit a standard exhaust pipe set up after the catalytic converter. This is usually called a Cat-Back system because you are only changing the system after the converter and it will remain emission legal. I have a V6 and I noticed more torgue and a bit better pick up, plus most people like the sound better than a stock muffler. Lots of companies make turbo mufflers. Turbo mufflers came about when they started putting turbochargers on car engines, they need less resistance so the turbos could spin freely, thats where the name comes from. This won't cost much to do and is satifying for the cost. Souping up a 2.3 engine is a completly different ballgame and expensive plus it will no doubt have trouble passing the emission test. It is more trouble that its worth. A V8 is the way to go for power, and then you pay the gasoline bill.
Hope this helps, good luck with what you decide.