Sorry about your problems, I can only add more bad news.
If you bring the truck to a mechanic, he will want to check the cam solenoids/advance springs which involves taking the upper part of the motor down, about 8 hrs. labor.
The alternative is to drop the oil pan (+- 3 hrs) and see how many parts (or remains of) are in the pan and base your decision from there. The oil pickup will likely be clogged and the pan will have metal shavings in it.
A replacement motor is not a cheap option, for some reason they are in demand.
The only thing that is really practical (from a cost point) is to start looking for a new truck.
Friend of mine has been there, I tried to help him out but, the motor was just plain shot. Remarkably poor design from Ford.
As a note, these engines use 5w-20 full synthetic oil; anything else just will not allow the cam advance to work and will clog the oil galleries in the block/head.
Does it have to be full synthetic?