Cliff, I installed the Drop em and Stop em kit in my '55 Club Sedan and installed my own Power Booster and Master Cylinder. This is the Granada set up. Their web site list says this kit fits '54 to '64 Fords ,Mercs and TBirds so I'm guessing it would work on a Ranchero.. They have separate listings for power and non power brake setups so I would assume that, yes, you can use a non power M/C.
http://www.dropnstop.com/page2.html
Cliff I'm in North Delta, we should get together for coffee.
Mark
1956 Mercury M100
1955 Ford Fairlane Club Sedan
Delta, British Columbia