I finished replacing my hangers and shackles and thought I would do a quick right up of some things that i learned. First thing I learned is that it is best to do this as a maintenance issue. When you can order the parts and get organized rather then wait for it to bust and then scramble to fix it

I useddorman parts 722-010 and 722-001. I paid about a total of $105 including tax for 2 hangers and 2 shackles. you can get them on line for prob around $80 shipped. the drivers side hanger is held on with 2 bolts and 2 rivets, the passenger side hanger is held on with 4 rivets(I don't think this was just my truck i think it is like that on all of them).
The following work was done with the bed on. The 2 bolts came right off on one side and the bottom rivet on the other side of the hanger. I was able to grind right off and punch it out the top rivet was harder to get at because the bent hanger and shackle was all around it, but i got it off in about 30 min usingsawsall , grinder, and cheesy air hammer. Now I could not do any more work because i was waiting for the parts. The next day when the parts showed up about noon. I decide to remove the bed so at the parts store I bought thetorx 55 for the bed bolts. It is my opinion that "I" would not have been able to do the rest of the job with the bed on. To take the bed off you need a 7mm socket to remove the 3 bolts at the gas cap, you crawl under the rear of the truck and there is one connector that you disconnect for the rear lights in the bed, now you need to wrestle with the rusted on bolts. I loosened each one a little, you need a breaker bar, then i squirted rust penetrater all over them, You also can reach 4 of them from underneath and squirt them. I removed the bed with the help of 2 not very strong females. I have the car jacked up so the tires are just on the ground. I install the hanger and shackle on the drivers side, then i punch out the bolt in the eye of the leaf spring and install the shackle to the leaf spring. I then torqued the hanger to about 100 or 110, I am not sure what they should be at and i might check them later. I was told not to torque down the shackles bolts till the truck is on the ground so I did that later. I torqued them to about 80 and i am not sure what they are suppose to be. Good that side is done and went smooth. I head over to the passenger side I proceeded to grind off the 4 rivets holding the hanger on and punch them out in about 15 min. Next I go to punch the the bolt out of the old eye bushing. well to make a long story short 2 hours later the bolt is still in there it is getting dark so I call it a day. I did a little research that night for some ideas. I head out there this morning do theBFH thing for 45 min to no avail. I am about to go to the parts store to see what tool/press i could get to remove/replace bushing. right before going I decided to try and drill out the rubber around the bushing . 5 minutes later the bushing is on the ground

. I greased up the new bushing and pounded it in to the eye another 5minutes

( I think a press would be best so you don't smash the metal causing the new bolt to fight a little going in). I install hanger and shackle torque down hanger. My existing shocks had disintegrated so I purchased 2 new cheapogasmatics . I finished installing those. cleaned up the frame a little sprayed a little black flat around. I had called around for a new bolt kit for the bed. No one had them but Ford could order them for $16 each x 6, no thanks, I figured out the size, and was able to get 4 of them from the hardware store and 2 i am going to order,the bolts i got where grade 8.8 metric I am not sure what the equivalent is in standard but I will probably get stronger ones later, 12m x 1.75 thread x 100mm (quantity 4) 12m x 1.75 tread x 120mm ( quantity 2 closest to the cab) I wire brushed the 2 old ones. I then proceed to place the bed back on the truck with the help of the not very strong females. I would get the drivers side closest to the cab bolt first because the gas tank impedes you from seeing the clip, I put grease in the 6 clips and dipped the old bolts in grease. I am going to remove the bed in the spring to do break lines and fuel filler hose. I tighten up the bolts connected the wire and installed the 3 7mm bolts for the fuel filler. For me I don't think i could have gotten this done with the bed on, maybe in hide sight knowing exactly how I could but it is much easier with the bed off and if you do this as maintenance maybe you could change your shocks and break-lines at the same time. I did not have the time to start with the brake lines i will do it in the spring. . so I suggest you do this as maintenance get organized order the parts and it will be much easier.
Some tools that I can think of that I used. safety goggles, cheesy air tool set, large crowbar, various sockets and wrenches, liquid wrench,torque wrench that only goes to 80lbs, sawsall, dewault grinder and 4.5 inch wheel for metal, 1/2 inch breaker bar, BFH, SFH, RFH, cold punch, cold chisel, 1 jack stand, 1 floor jack, 1/2 drive torx 55, and some more I am sure I am missing