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Unless someone changed to a larger oil pan sometime in this trucks life, I would say you have either the wrong dipstick or the tube has pulled out of the engine enough to make for a false reading. All of the Ford small blocks I've ever owned take almost exactly 5-1/2 qts with a filter.
yo,
As Mr W advised, the tube maybe popped out; and...
My 96 bronco's Owner's Guide says:
"...6. Carefully, pull the dipstick out again. If the
oil level is below the “ADD 1 QT.” line, add
engine oil as necessary. If the oil level is
beyond the letter “F” in FULL, engine
damage or high oil consumption may occur
and some oil must be removed from the
engine.
7. Put the dipstick back in and make sure it is
fully seated..."
ok, this basically says to pull the dipstick when adding oil; some others here in FTe say their guides advise removing dipstick when adding oil; there are threads on this in the "Oil and Lubrication" section.
Also, let the oil settle esp if it is cold outside