Wow...the responses were more varied than I expected, but thanks. To respond to a couple of questions, here's what I can tell you.
1. The oil was changed within about 300 miles ago. I use the factory weight of 5w30 (conventional oil), though I use a FRAM filter rather than Motocraft. Not really partial to any one brand, just what works.
2. Oil level was just above the safe mark when I checked it after work this morning.
3. Oil pressure varies, but usually starts out on the O or R of NORMAL. By the time it warms up, its usually between the M and A. No evidence of oil contamination and it gets changed about every 3k or so, although I don't drive it that much (could be up to 6 months between changes).
4. It doesn't smoke during operation, but will occasionally puff a little on startup. I have no idea how many actual miles it has since the speedo gear was incorrect when I got the truck. The speedo was about 7-8 miles slow. Its now dead on, but the damage was already done. Not to mention a lack of a 6th odo digit... At any rate, I'm sure it can use new valve guide seals.
5. Haven't checked the compression, although since I fixed the ignition system (coil packs, ign module, wires, plugs, umm...everything) the truck will go from 0 - 60 in about 6 seconds when warmed up.
6. Need to check vacuum since fixing the ignition. Was previously indicating a timing issue, but that has since been fixed.
Not sure about using ATF, but I guess its better than gear oil. Heard some horror stories about that one, no clue why they used it... Anyway, not too worried about internal seals since all but the front main have been changed recently and should be in good shape. Will probably look at seafoam first. Thanks for all the advice. Any other suggestions are appreciated though.
Oh yeah, side note: the oil is still honey-colored after 300 miles.