Isn't an '89 an 8 plug head. If thats the case, you are best of getting a 2.3L turbo motor and swapping your pistons over to your existing motor. The rods and crank are the same between turbo and non-turbo motors of the era. Turbo motors also have better valves and larger injectors (either #30 or #36 depending on year and donor). A common area of problems is the heads themselves, more specifically the exhaust seats. Since you have to tear the motor apart to swap pistons, and the head will be off anyway, check it for worn out exhaust seats (they will be worn out in all likelihood) and possible hairline cracks extending from the exhaust seats. If there are cracks, but they are within the seat area, the head can still be fixed. The only real solution is to have a machine shop bore the seats out and replace them with better ones. This not only prevents worn seats and warped valves in the future, it also prevents the head from cracking in the future. The 4 plug N/A head is not compatible with the turbo setup, the shape of the chamber is wrong. The 8 plug head from that period however is more open shaped and works just fine. All the cast 2.3L heads are prone to cracking, so don't assume the turbo one is better, in fact finding good used 2.3L turbo heads is hard.
You could swap the whole turbo motor, but if you do so, you will need to repin the harness and you are better off using the turbo computer. As a general rule, on the 8 plug engines, it is usually preferred to just swap the turbo internals. There are other problems with swapping the entire turbo motor, namely the brackets for the accessories are different, and are often not compatible with the engine compartment of a Ranger (depending on year). If you use the forged pistons, and other good turbo parts in the N/A motor, you effective convert it into a turbo motor, and it won't have the fitment issues that are possible with the motor swap. The ignition system on the 8 plug setup, while often intimidating, is still technically superior to the cap and rotor design, its components are more reliable and last longer.
Your boost would still be limited with just an internals swap, and the turbo computer is not compatible with an 8 plug N/A motor, while the Ranger computer is not compatible with the #30 or #36 injectors, so you need a larger MAF, and a way to retune the computer. If you retune the computer and use the larger injectors, the Ranger motor can take pretty much as much boost as the turbo motors can.