BigBlue88-
You are the man!
Looks like it's time to replace the plugs and run some codes.

Tried to remove those leaky plugs last weekend and they're on there really tight couldn't budge them at allwhile the block was cold. I am regretting tightening them a few weeks back now, bigtime.
Going to give it another shot this weekend after warming-up the truck.
Truck really had a poor maintenance history prior to my taking over rig. Been playing catch-up since. It's costing me allot more than I had originally planned but pretty much stuck with her now as she's not worth 1/5th of what I paid for the truck plus repairs over the last 2 years.
I just bought a dang near brand new SUV for long fishing trips and daily driving and hauling the future kids around in (twins on the way) but the ol' 93 F/150 will be my hunting rig, messy steelhead & salmon river fishing rig and mud machine for a long time to come. Thats the plan anyhow.
Just doesn't make sense to sell her now.
I am a freak like you guys when it comes to mechanical things. They just gotta be running right or this dude is not a happy!

Thanks,
Adipose.

 

UPDATE: 5/5/08: PROGRESS

a.) Found out the issue with the spark plugs and the oil. The oil I thought that was leaking through the spark plug threads was actually coming down from valve cover. Loose gasket bolts. Tightened down valve cover. I had a pro Valve Cover gasket repair about 2 years ago. Looks like they just worked loose from all the logging road travel.
b.) replaced both suspect spark plugs. They were tight but managed to get them loose. Both plugs had been overtightened and had cracked ceramic. Put in 2 new plugs w/ anti-seize.
c.) Replaced PCV valve. What a difference! Cabin air actually blowing cool air on Sunday when towing the boat home in 68 degree weather. It's had always blown hot air when towing in the same conditions. Old PCV had MOTORCRAFT name on it so suspect it had never been changed! DOH! Engine running cooler and more efficiently. Mileage should improve. Already notice a small difference on current tank of gas with the towing boat yesterday.
d.) oil pan was leaking. Allot of loose bolts there also. tightened down. Hoping this will cut down on my oil consumption issue. Wiped off oil accumalation under pan to help with oil leak search in the future. The oil pan gasket repair was done about 16 months ago. Surprised the bolts worked loose already.

Never run better.

FUTURE Stuff:
New muffler & tailpipe and need to run codes.
Going to try an 100k+ Auto-RX treatment, next oil change as well. Engine has 190K.

Thanks for all the forum feedback pointing this guy in the right direction.
Adipose