I took advantage of a sale at AutoZone today and bought an Innova 3100RS scanner for $125, they're $200 direct from Innova. I hooked it up to my Ranger and let it idle. The long and short term fuel trims are more or less 0%, with some intermittent -2% readings. The catalytic converters were also reading 99.2% efficient, for a 22-year-old Ford with 274,000 miles, I'd say that's pretty impressive. I noticed an oddity while looking at my live data. The Timing Advance at idle fluctuates around 2-5 degrees ahead of, and behind 20 degrees. I've always noticed an intermittent touch of a roughness to the idle, but it doesn't seem to really bother anything and has never tripped a CEL. There are no rattling sounds like a worn timing chain will make. I've heard the 3.0 has issues with its camshaft synchro on non-distributor motors, which the computer uses to set timing via the camshaft position sensor on top. Could a wearing synchro gear be causing the varying timing? Revved up and held, the timing stabilizes itself.
Generally it does mean that the timing chain is worn or stretch that's pretty typical with that mileage. As long as it runs okay I wouldn't worry