There was some one in my town selling a rolling 4x4 chassis for a 1986 turbo ranger recently. Its still for sale as far as I know. Not sure how long it was sitting out in the rain with only a sheet of plywood to protect the engine and wiring but he already removed the transmission and it wasn't possible to even see it turn over. For $1200 I simply walked away without making an offer. He has since relisted it at least once on craigslist with a slight drop in price. Chances are I was the only one to even show up.
If I could, I would like to get a second complete parts truck so I can have the original 3 second glow plugs, correct tachometer and build the engine up for a bit more power. Re bore it, balanced, water cooled turbo, nice big intercooler, 2.5" exhaust. I know some one that told me a lot of tips and tricks to bring the power up almost 2 fold to 150 Hp using only FACTORY upgrades that mitsubishi used on their later engines. Let me tell you guys, 150 Hp and a diesel power band will move like nobody's business when put in an original body ranger! A small 2wd would likely be a handfull with that much torque. As it is, I had to swap to a single piece drive shaft from a 2000 ranger because it kept destroying the stock shaft.
It is possible to buy the later 4D56 (2.5L) engine as a crate motor for "off road" applications, but those are close to $5000. I know a lot of guys say they would kill for a diesel ranger, well, how bad do you really want one
? Keep in mind, that would be for a brand new drop in unit that is completely made in japan. Not rebuilt, or used as many JDM importers offer. Used imported engines can sometimes be had for less than $2000 but with an unknown history, I would at least check the compression and bottom end before dropping it in.
I think the latest trim 4D56T engine is close to 150 Hp rated in stock form. I think thats pretty good considering how much power the cummins 4BT has in stock form and it runs smoother, quieter, and weighs about half as much.