Go to the tech section, transmissions at
www.tccoa.com,
and read the first (LONG) article, written by Jerry, a genuine
Ford auto trans engineer.
First, he recommends Mercon V as a minimum, in any Ford
OD auto trans, as well as changing it frequently if you're
doing any hard driving, pulling, driving in hot weather,
or putting more power thru it. Like every 25k even under
more severe conditions. You should also have a good plate
type cooler on it.
Trans fluid has additives in it to give the lubrication and
friction in the clutch packs. Over time, and esp. with heat,
those additives wear out or break down or get used up.
Mercon V has more additives, so it'll last longer.