Thanks I've learned so much from your posts. Today I brought the truck to a well lit garage and followed all your advice. Turns out the front pads are almost ready to be replaced but in the well lit garage with the car up on jacks what do I notice? A leak.
It turns out there is a leak coming off one of the steel tubes that comes out of the MC. I never noticed it before on my driveway. Sometime this week Im gonna try to see if Ford sell's one for my Ranger, but the guys at the garage said if not I could buy a straight tube at NAPA, take mine off and bend it the same. Hopefully this will be as easy as it sounds.
I really appreciate all your help (and everyone else on this NG) Ive learned so much about the break system and will be able to troubleshoot any problems in the future. Hopefully I'll have my Ranger 100% within the week!
Kevin