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Syn Rotella is very good oil for our trucks, and it's at $19/gal last I looked (a day or two ago) at WM. I get my Motorcraft FL1995 oil filter at WM, too (~$10). I get my Racor fuel filter from Geno's Garage (site sponsor) for about $17 shipped to my door. Exact same filter as the Motorcraft at half the price.
EDIT: Congrats on picking up a 7.3!! You'll love it!
The Motorcraft oil filters you can get at Walmart are a great filter at about the best price you can find. For the fuel filters I prefer the Racor filter, buy you would have to order that online or get it from your local diesel shop. Geno's garage has the best online price I've seen on the fuel filters. Wix also makes a good fuel filter, but they now come with a flat gasket that needs to be lubed with motor oil (they left that part out of the instrucitons). Napa & Carquest both have wix make their private label filters.