I have had and been working on modulars since 98'. Have spoken with several of the engineers from Ford that designed the engine and trans for those series. Anyone whom has actually seen the inside of a modular and know what material the cams ride on and the passage length knows that thick oil (on startup) is not ideal and the engine was not designed for it either. The 5w20, 5w30 and even 5w40 is good and I run 5w-30 in my own. For flow tests the modulars at the engine plant with 5w40 due to the thicker oil used in countries outside North America that the engines are exported to. The numbers of 500k plus and 1 million mile shuttle vans with modulars running nothing but 5w-20 and 5w-30 is plenty testiment to debunk the myth of needing heavy oil. Heavy oil (especially 20w50) has killed more modulars than most can imagine, you are doing no good whatsoever putting that honey in your engine. The cam phasers on the 3Vs were not designed for the heavy oil either.
The extra thread length for all 2V modulars was implemented in 2003 MY but depending on the build date 2003 MY trucks may not have the extra thread length. All 2004up 2V engines will have the extra thread length. And yes I have done plug changes on 03' MY modulars that have the old style short length heads.
In 2004 the F-150 first came with the 3V 5.4l. The 2003 and prior 5.4l in the F-150. The 3Vs were known to have cam phaser issues and the plugs would break off in the heads. Ford switched to a different plug design mid 2008 MY to which corrected the plug breakage issue, however that plug will not work in the 3Vs with the old plug design. The plug breakage was primarily due to the 2 piece plug design which Ford still uses.(the current MC part # is still a 2pc plug) Champion and Brisk make plugs with 1 piece bodies which will not break. There is a TSB from Ford on the removal precedure to prevent breakage and if breakage occurs. Several companies like Lisle make removal tool kits to remove any broken plugs.
Ford lists 100k plug changes however in my experience misfires, decreased economy and etc can often occur long before 100k miles. Depends on how the vehicle is used.
The 2004 MY was a year of redesign for the F150. The engine, frame and body among others things were changed vs the 2003 MY. Thus there are most often more TSBs and minor issues after a redesign like that. They are good trucks it is just wise to keep that in mind. I would recommend getting an Oasis report if at all possible. The Oasis report will show you far more than a Car Fax or similar report and will show any TSBs the truck was brought to the dealer for along with any service and etc.