The other day someone posted. I'll paraphrase They were looking to build a "Fluid to Air Intercooler" and RPS was not helpful because all the members just yanked out mustang motors and planted them them in Rangers.
1. That is a great idea. If you use a SVO, thunderbird or Merkur motor and computer, harness ETC. The motor will run, idle and have the efficiency it supposed to. Ford is a lot smarter than all of use.(no offence) you will have better results putting together a system that many engineers have gone through and slowly modifying it than you would if you were fighting the computer. Unless of course you use a stand alone fully programmable system and a dyno.

2. Almost all of the compents you need for a water to air intercooler are already on your truck. You will need.

The stock airbox...........Cut the bottom or front to attach the tubing from the turbo
A resevoir...........windsheild washer container will be cheap and easy.
A heatsink.........A tranny cooler will work fine. mounted in front of the radiator of course.
A 12v water pump.......Windsheild washer motor. They don't last to long though. The SVO contour has an externally mounted water pump take advantage of that
Lines and hoses........parts store or the old nova in your back yard
A heater core.......Junkyard or parts counter

Cut up the air box and insert the heat core. Install the box inline.
Install the return line to the resevoir then resevoir to pump, pump to heatsink, heatsink to airbox and done. Make sure everything is sealed tight. Add water + ice and your in. When there is no ice the heatsink will cool the water.
Use common sense when you build this thing.
If you use the windsheild washer pump use a seperate toggle switch and remember it does not have to be on at all times.