Yea, I wouldn't do a T5, and @madmike1157 is making a pretty strong argument for a 4R70W. T5s are like roller block 302s- swapping to it from something else isn't much of an upgrade, and you'll probably just end up breaking it anyway. Unless you were going to do something like an Astro A5, in which I'd be on board with 100%.
I dont ever plan to do much with this truck, honestly. I will continue to upgrade my GT before the Ranger gets much. I dont think the engine makes much more than 300 ft lbs of torque, so Im sure a T5 would last with my driving style. I am starting to think that Mike's idea sounds a lot easier though, so I will most likely go that route after all. The wheels and stance are free updates, so that is the only reason I am doing that to the truck.