I towed my 2001 4x2 manual transmission 3.0 V-6 Ranger Edge for about six years before trading it on a van (replaced it with a Fit as towed vehicle). Previous owner set the Ranger up as a towed vehicle and used it that way for seven years before I bought it.
I never towed it much over 65 mph (Ford says 55 max), usually for 15 to 50 miles at a time (Ford says something like 200 miles between runs to lube the transmission). The speed limitation is about stability, the Ranger is a high CG vehicle and can get into trouble on high speed swerves. You'll feel that driving too. But the 2001 Edge (it later became the Sport) was not anywhere as squirrely as my 1992 Ranger XLT. 4x2 Edge and Sport were built using the 4x4 suspension and sat a few inches higher than the 4x2 XL and XLT trim lines.
I'm not sure what is the Elite, I've never seen one. I don't know if that model uses the higher suspension or the standard 4x2 suspension, which is more stable at highway speeds.
