Check O2 sensor.
Good Luck.
First, check your computer codes. 2-digit codes indicating problems: 41, 42, 91, 92. 3-digit: 136, 137, 139, 144, 171-178.
Second, check the sensor output voltage. On my 88 4.9, there was a connector between the downpipe and the sensor, and another right near the battery. Mine was a 3-wire; one wire for the heater, one ground, one for the signal. 4-wires have an additional green (?) wire to give the sensor it's own ground. Signal wire was white. With the engine HOT and running, pull the connector by the battery (you really shouldn't stick your hand between the oilpan and downpipe on a running engine ;-), and with a good <b>digital</b> multimeter (cheap analogs will current-drain the voltage towards zero), check the voltage between the white wire and battery ground. It should be rapidly switching between about .2V and .6V. Stochiometric is .45, but the sensor is extremely non-linear. .2 is just barely lean, .1 is way lean, etc., same for rich. The faster the switching, the better. If it reads constant anything, clean it or junk it. For the trouble of removing the thing, you might as well replace it. Modern sensors are much better than older sensors, etc., plus you get a guaranteed 50k mi. out of the thing. Be sure to reset the computer after you change the sensor. Computer will need to recalibrate itself to the new sensor, and to clear any codes.
Here's a nice thread about removing the O2 sensor on my 88 4.9; applicable to any other vehicle. <a href="https://www.ford-trucks.com/forums/showthread.php?p=1876206">https://www.ford-trucks.com/forums/showthread.php?p=1876206</a>
Check your plugs as well. A failed O2 sensor will put the computer into open-loop, and the resulting richness/leanness depends on the condition of the rest of your sensors. My truck ran way lean. Decent mileage, no torque, knocked like crazy, and it roasted 5/6 plugs.
$40 isn't bad for an O2, and that's Bosch at Advance. Recommend getting a $12 haynes manual while you're there.


