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Your truck lists type F ATF as the correct power steering fluid.
The different types of ATF fluids were designed to be specific to a particular type of automatic transmission. Each type of ATF has different friction characteristics that is important to the clutch assemblies in an automatic transmission.
In a hydraulic system such as a power steering sysem, these differences are not as important. Bottom line, PS fluid, type F or Mercon would all work OK in your power steering system. I would use type F if it was on hand, but having the sytem full would be far more important than the type of fluid.
Type F or mercon will help with the "whine" that all ford p/s systems seem to have. To give you an idea my 2001 Windstar calls for mercon in the power steering. PS fluid has less friction modifiers and makes the pump a little louder.
Pitman arm seal replacement can be a PIT job, from what I've read here. I have an 87 F150, just changed the steering box to solve a pitman arm seal leak, wasn't too bad of a job. Seach this forum for "pitman arm seal" or "steering gear" and you'll get lots of info.
I guess I got "lucky" because when mine was leaking around the pitman arm, I got hit in the left front, which caused a major pitman arm leak and got a new steering sector out of the deal. Sure looks like a PIA job.