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Like you, I can't go out and buy Motorcraft oil or filters anywhere around here. I've been using regular Castrol GTX 5w20 for the past 40000k now with no change in engine "loudness" My dealer told me it was fine. What you do want to worry about is getting a filter with an anti drain valve. Some filters don't have them. I've been using Napa gold series.
The user's manual specifies any oil that meets the Ford 930a spec is fine. With that said, you can choose amongst regular, blended, or full synthetic that meets that spec.
The only reason why I'd use full synthetic is if I can't change my oil as regularly as I normally do. The extended service interval is probably the biggest benefit of synthetics.
I can get Castrol GTX 5w-20 for $1/qt after sales and rebates from local auto chain store. There's one going on this month until 3/23/08; there was one last month as well. Whenever it goes on sale, I stock up.
FWIW, I've owned 3 cars with 112K, 155K, 211K original miles. I still drive the 112K and 211K car. I donated the car with 155K because the rest of the car was falling apart...engine was still going strong. All have used regular non-synthetic oil from Day 1. The engine would have outlasted the rest of the car. Based on my experience, the cheapest guarantee for engine longevity is regular oil changes.
I've got 30K on the truck now, and I've always used Castrol GTX and factory filters.
Rezvani's Latest Post-Apocalytic Monster Is a Ford F-150 Raptor Underneath
Slideshow: Called the Fortress, the 850-horsepower pickup combines Raptor underpinnings with military-inspired features, survival equipment, and a starting price of $285,000.