I think I remember you asking this back on THR a while back, but here's my input anyway...
Bigger tires - If you really want to do offroading get a jeep. Your ranger is IFS and will never be a good offroad truck. If you want to be able to get through rough areas better, slightly larger tires, partidularly more agressive tires will help, but they really hurt road manners, which is how you probably use the truck 99% of the time.
Flowmaster, cold air intake, computer "chips", vortex/tornado things, etc. All not worth it. The truck is not going to be fast, all these bolt ons get you at best a marginal power increase that's probably not even notciable in a double blind test. Besides, how much percent of your driving time do you have the throttle at WOT?
Brush guard is mostly a cosmetic thing. I would reccomend getting a good strong one though. A guy at work had one on his toyota, spun out on the freeway and bumped into the guardrail. and it bent the brushguard side bar into his quarter panel and dented it pretty bad. Without the guard on there he probably just would have scuffed up the bumper.
If you haven't guessed by now, I'm generaly not a fan of doing mods to your daily driver. I do have project cars, but they're purpose built vehicles. Like the twin-turbo smallblock driven 82 trans am race car. Like I said before, if you want to go offroading, get an old jeep, they are the best.