I thought all the ranger/aerostar axles were 5 lug?
Dammit...i need to drink my coffee first before posting. Your second question made me think of the ranger axles.
Yes, you are correct. Ignore my post.
You can use the atock axles if you use aftermarket caliper brackets. If you use the OEM ford brackets, you need to track down the correct 4-lug axles. There may be aftermarket options as these are the same axles as the 1993 cobra. In fact, 87-88 TC brakes are the same as the 1993 cobra.