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I have 1999 f250 5.4L supercrew with 225k miles, still running, no oil leaks, I loose about quart of oil every 3k miles which is not bad, I only used Mobil one since I got it, I think it really helped out, only thing engine is tired, it really struggles to accelerate and mpg went down drastically, but it is still running.
My 95 aerostar with the 4.0L engine had 195K when i finally had to trade it in. One of the heads were cracked. Otherwise, it still ran great. I towed a lot with it and made non-stop runs from Chicago to Fla.
I would be shocked if the engine could not do a least 250K with good care, especially by changing the oil regularly.
better check out a powerstroke if you want that kind of mileage out of it! recent had a 5.4 superduty come into my shop with severe oil consuption with 100,000 on. it burned about a quart per 1000 miles or a bit less. didn't smoke but it had no leaks and the plugs had some nasty deposits on it! i own a 95 powertroke with nearly 190,000 on it and intend on getting 300 out of it. truck needs body work already and i am sure sometime before i hit my mark it will need a trans. but i love my truck and i am a mechanic so no repairs are out of reach.
but don't expect that kind of mileage out of a 5.4 it could happen but it is not the norm.