I don't have a Bronco, I have it's cousin, a '93 F-150 4X4. I love mine, it is everything I need and nothing I don't. Mine is the 300 straight six with the M5OD five speed. The trans tends to be a bit weak if you work it really hard. I like the 300 better than the V8's, they last just short of forever, great low end torque and mine gets about 17 to 19 MPG. I live in central Colorado and wheel mine moderatly hard and it does fine. I am currently running 4.10's with a factory limited slip in the rear. My truck is a factory set-up for 31" tires, so I don't even run a lift.
I have a 95. 5.0 E4OD trans, manual hubs.I bought it new and I will have it until it won't go anymore. It is quite capable offroad in stock form. I have a mild lift and 33" BFG All terrains on it. It was my daily driver until I got a company vehicle, now it sees mild weekend use only. Be careful of the ones with the auto hubs, they have a tendency to burn up and they are not cheap to replace. Converting to manual hubs is cheaper than replacing 1 auto hub( last time I did it, which was about 8 years ago on a friends Bronco).
I have a 94 all black one with a 351. Out in AZ it won't be a problem but out here there rust buckets and mine is no different, it is full of rust. It was rusty right out of the factory! I bought it new in 1994 and less than a year later I got side swiped, my family owned a body shop so I watched the thing being taken apart, when they removed the outer quarter skin the inner panel was rusty, the truck had less than 5K on it then. I've maintained it pretty well though and it is still used as a daily driver, I bent up true duals on it in stainless steel about ten years ago and only have had to replace the mufflers twice. I put flow masters on it and the sound is badass. Mine has around 170K on it and it starts and purrs like new, I spin new plugs every 40K and clean the throttle body every 25K oil change every 3K. ABS hasn't worked in about ten years, the control module went out and thats a common part to go bad which costs around 500 bucks so i never replaced it. Tail gate sucks (rust) bad design and the wheel wells suck (rust). All in all its a great truck with plenty off road capability stock, I have the automatic hubs on it and have yet to have a problem but at this point if they broke down I wouldnt change them as the truck has limited life left.
I say if you can find a nice clean AZ truck (rust free :neutral: ) thats been there all its life with a 5.8 litre I would get one. Do a nice tune up on it, plugs, cap, rotor, air filter and remove the throttle body and clean the hell out of it. If only Will lived closer he'd have half my AK collection by now fixing it up as I love the truck but all the rust is depressing to look at.
Have a 90 with the 5.8 and e4od auto hubs. Go any where do anything except pass a gas station. 12 mpg highway or in town or 4wd engaged. Has a full tank of gas but just sits now. Auto hubs have not been a problem for me.
I had a '93 5.8 E40D trans, I couldn't keep a transmission in it! I loved the truck but man the early E40Ds sucked. Now with that being said I've got a brother-in-law who's '93 F-150 with the same type trans has over 150,000 miles on the orignal tranny. I work at a Ford dealership and of course I'm a Ford guy but be careful on the tranny everything else should be fine. Oh, and it will go places off-road like you wouldn't believe and the turning radius is awesome.