These Gary Mull designed early IOR raceboats were a minature version of the Ranger 37. They were available in two versions, one a completely stripped out raceboat and the other with a simple, workable interior.
Like many race boats of this era, the Ranger was designed just before some big break throughs in yacht design. These boats were very light for their era but comparatively heavy by any objective standard. They were not all that well engineered compared to the boats that shortly after them.
Like most early IOR boat these boats had comparatively short waterlines which made them quite slow in an absolute sense when compared to boats that came shortly after them. They were also a little bit tender being designed to be sailed by very big crews sitting out on the rail.
IOR boats of that era depended on huge genoas and had tiny mainsails. This set up required a very big sail inventory and lots of sail changes to be race competitive and made for hard boats to sail short handed.
I think the Ranger 32 will have some hurdles if used as a PHRF race boat. Boats like the Ranger 32 sail at their best in a narrow range of conditions. In the case of the Ranger 32, they sail best in 8 to 12 knots of air and in flat water. They are not so hot in lighter or heavier conditions. The problem is that PHRF really rewards boats that are well rounded and so can sail fast in a wide range of conditions and which can shift gears quickly. A good example of an ideal PHRF race boat in your general size and price range would be the Soverel 33. These boats are quite fast in all conditions and with their 10 newer deck layouts are also much easier to race. At over a minute a mile faster, boat for boat the Soverel is a much faster boat but what is really singificant is that the Soverel 33''s can generally sail to that rating in a wide range of conditions and very quickly shift up and down.