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Ford Automatic Transmission Fluid has been upgraded a number of times since 'Type F'. The newer fluids are better and backwards compatible. The last TSB I saw addressing transmission fluid was from 2006 and that was an upgrade to MERCON V. TSB stated for use in all previous Ford Transmissions.
PERSONALLY, I used Mercon V Synthetic in my C-6 transmission and in my new power steering pump. I chose synthetic fluid because it can withstand considerably higher temperatures without breaking down.
I also use a transmission inline magnetic filter by MAGNEFINE and I ordered a new power steering pump WITH an internal Magnefine filter already installed inside so I wouldn't need to install an external one. That pump was only $10. more.
I used Dex/Merc (formally known as Dexron 3) in my '88 IDI and I think it's also what's in my '91 IDI. And it's in my '01 Excursion. I also used it in my '73 Mustang. Using that in a trans designed for type F is a bad idea, but for the steering I can't imagine that it'll do any damage, and it's probably better for it.
Ford Automatic Transmission Fluid has been upgraded a number of times since 'Type F'. The newer fluids are better and backwards compatible. The last TSB I saw addressing transmission fluid was from 2006 and that was an upgrade to MERCON V. TSB stated for use in all previous Ford Transmissions.
PERSONALLY, I used Mercon V Synthetic in my C-6 transmission and in my new power steering pump. I chose synthetic fluid because it can withstand considerably higher temperatures without breaking down.
I also use a transmission inline magnetic filter by MAGNEFINE and I ordered a new power steering pump WITH an internal Magnefine filter already installed inside so I wouldn't need to install an external one. That pump was only $10. more.
None of the newer fluids are backwards compatible for F in a transmission. It'll work, but won't shift the same, and might wear out the clutches faster. For the steering I've never experienced a problem using 'updated' fluids, but I shy away from the later "low viscosity" stuff.
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