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That's a spot on perfect post Ray. I don't know what you have to do on the '99s to change the speedometer calibration. Maybe just a flash....not sure. I know on my '89, when I went from the OEM 235/75-15 tires to the 33x12.50-15s, I had to change the little nylon gear in the side of the tranny that hooked the speedometer cable to the transmission. The OP probably needs to check with the folks in the 7.3 forum or at his local dealership. I know on the later trucks, the tire calibration can be corrected via the computer and I would assume it's the same for the '99 but not sure.
Ford started with the electronic speedometers in trucks in 1992, so there must be a way to re-program the PSOM in 1999 as well. Try searching the superduty forum, it must have been covered at some point.
They went back to analog when the changed both the F150 and SD bodies for a few years then back to digital again. If you have the analog you have to change the VSS but I doubt there is one the right size for those tires.
By following that formula you're making the assumption that your tires are actually 42" in diameter. Most oversize tires are actually smaller. Your 42" tires may be as small as 40". Measure them.