yo,
Yes, you will get the Amber (yellow to some) ABS light; and you won'yy have 4WABS in operation; according to Ford, "Malfunction of the Anti-Lock Brake System will cause the Anti-lock brake electronic control module to shut off or inhibit the system. However, normal power assisted braking remains. Malfunctions are indicated by the amber ABS warning light inside the vehicle."
4WABS Tone Ring, Front Wheel Removal & Installation in 93-96 Bronco; miesk5 Note, Ford calls the tone ring the Sensor Indicator, Anti-Lock Brake; "...Raise vehicle on hoist. Refer to Section 00-02. Remove wheel and tire assembly. Remove front disc brake caliper (2B121), rotor and hub assemblies. Refer to Section 06-03. CAUTION: Discard front brake anti-lock sensor indicator (2C182) after removal. Do not reuse old ring. Installation: Support center of hub so that wheel studs do not rest on work surface. Position new front brake anti-lock sensor indicator on front disc brake hub and rotor (1102). Using a cylinder with 79mm (3.1-inch) ID and 96mm (3.8-inch) OD, press the front brake anti-lock sensor indicator onto the hub. The front brake anti-lock sensor indicator must be fully seated against the shoulder in the front disc brake hub and rotor. Install hub, rotor and caliper assemblies. Refer to Section 06-03. Install wheel and tire assembly. Tighten wheel lug nuts (1012) to 115-142 Nm (85-105 lb-ft)..." from 1996 F-150, F-250, F-350 4x2, 4x4, Bronco and F-Super Duty Vehicles Workshop Manual
Source: by Ford
4WABS Sensor, Front Wheel, Air Gap; "...Remove the left front brake anti-lock sensor from the wheel end. Inspect mounting boss and sensor mounting plate for any metal flash or debris. Clean as necessary. Remount left front brake anti-lock sensor securely. Measure the air gap between the sensor and tone ring teeth. Repeat in at least two more wheel positions to ensure that gap does not vary as the wheel is turned. NOTE: Feeler gauges can be mounted to a welding rod and inserted between the vanes of the rotor to measure air gap precisely. Is the gap consistent and less than 0.070 inch? Yes - REPLACE left front brake anti-lock sensor. GO to L5. No - gap is greater than 0.070 inch Air gap is too large. REPLACE left front brake anti-lock sensor indicator. Here, you'd just move the exciter ring inward, closer to the sensor, instead of replacing the sensor indicator. GO to L5 No, gap is not consistent Left front brake anti-lock sensor indicator is not pressed on straight or axle end play is too great. GO to L6..."
Source: by SigEpBlue (Steve) at FSB