my goal with the truck is to break into the 11's and still have AC and decent street manners
I hate to burst your bubble here, but 11's in a lowered 2WD ranger, with what's basically a warmed over 302 is never going to happen. Even with a 150 shot you're still going to come up waaaaay short. Running low-13's/ high-12's might be more realistic and even then it’s going to be a stretch!
Hell, the 2004 SVT Lightning Bolt concept only ran mid-13's and it had an Eaton blown 5.4L Lightning Engine under the hood and a worked exhaust system (est 400hp/460tq). Not to mention widened 18x12.5 wheels out back wrapped in massive 345/35ZR18's!!!
It doesn't seem to matter how much power you're throwing at them....these Rangers suffer from poor power : weight distribution. And dropping it with a set of stiff lowering springs and running 18" Saleen wheels isn't going to help traction any.
To be completely honest, you'd probably get closer to your 1/4 mile goal sticking with the 4X4. At least then you'd be able to solve that massive traction issue you're probably going to have.