You are right, it uses ATF. I would use synthetic ATF only. While at it. replace those three rubber plugs behide the shifter with steel freeze plugs (5/8") or just coat the rubber plugs with silicone.
check this website out. therangerstatioin.com, I am sure you will need a donor vehicle. You will need new wire harness for the engine. Pedal, master cylinder, steering column. Most of the time it is cheaper to just buy a truck with manual transmission.
You can bench bleed the master cylinder (with it off the vehicle). As for the slave cylinder every thing will need to be together (including the engine). These system can and will be very difficult to bleed, you would have to try many different methods of bleeding. But what seem to work for...
It is basically the same thing, rebuilt is using your block and heads with new pistons and all new gaskets. Remanufactured, is using someone else block and heads.
Me too, I hate seeing people throwing $$$ at their truck. These engine are really picky when come to spark plug, make sure you use ORIGINAL FORD MOTORCRAFT spark plugs. Anything else will give you hell. The part number should be in front of the radiator. Just DO NOT buy it from eBay or...
Try pulling out bank 1 Sensor 1 and bank 2 sensor 1, this will make all kind of nasty noise. But if you can drive with the. 02 sensors off. I would look into clogged catalytic converters..
Basic tune up.. plugs (motorcraft), wires, fuel filter, air filter, clean MAF sensor, check for crank sensor connector for oil leak, and finally the cam synchronizer sensor (where distributor used to be).