Update: Ranger power loss, bogging, no acceleration

The catalytic converter was not the only problem. I decided before spending the money for a new cat, I would beat out the inside of the old one first.  A tougher job than you might think.  Took about hour or so and I need a heavy wire hook to remove metal packing and a pipe to break the inside up and a vacuum to suck the inside out also.

Fuel rail schrader valve

On the initial test drive, the problem returned and I wound up on the side of a busy highway.  Once again finding no problem, I started back to the basics.  I checked the fuel rail (for gas) using the schrader valve on the rail. The picture is not my truck, but this is what it looks like on the truck. Much to surprise it was full of air and not fuel.

I have not checked this out fully yet. More later.

Update:
Yes, low on gas was this problem.  However, the power loss problem was still not solved. The short answer turned out to be a combination of several problems.

Clogged sensor

1. The air sensor in the intake manifold was coated with goo.  Cleaned and reinstalled.
2. The ignition module was bad.  See detail elsewhere on site.
3. The inner air passage inside the intake to the EGR valve was blocked/choked. So bad it had no flow. Use a McDonalds straw to probe it on your truck. The straw (5/16) is just the right size, the tunnel is straight.
4. The ground wire on the intake (needed for the ignition module) was weak. Replaced it.
5. The intake was very very dirty. Cleaned it.
6. Decided to replace the injectors with a set from a mustang 4 cly 2.3L. Mine were rusty and needed a cleaning. By the way, they work great.
7. The blocked cat converter was "cleared" earlier.

Look at odd shape near center - Egr clogged vent