Should I put money into a 1995 ford ranger?

I am a teenage boy and my stepdad is giving me his ranger. He is the original owner of the truck and knows everything about the truck while keeping it in perfect condition. He has a commute to work everyday so he has put A LOT of miles on it. To be exact, 350,000. He just got done putting in a new clutch for it and a bunch of other stuff. Basically whenever something breaks down on it, he will fix it within a week or so. The engine its self is original but everything around it like fuel pump, carborator, etc have all been replaced. My intentions for that car is to get a new stereo system, nice off road tires and rims, cheap paint job, and maybe a 3 inch lift to make it sit better. I don t know if that s a waste of money for that truck. Also if I were to want to get a new car, I would have to drive that for like 6 months then get another car. I really like the 4x4 look so my car would most likely be a truck or a jeep Cherokee. I would like to go mudding so that s why I would need the accessories. Also the ford ranger is 2wd not 4wd. So, what should I do?

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