The 5.4L 3-valve engine needs to have 5k oil changes. End of story.
I would say that is good, common sense medicine for ANY engine. Can you possibly stretch it further? Sure, people do it all the time.
But what's to be gained against what could be lost? Saving $30.00 on a jug of good, high quality synthetic oil, and $7 on a filter, and gamble the longevity of an expensive engine in the process. That doesn't stack very well with me. Especially in the risk vs. reward category.
Add up all the money that's been "saved" by people stretching out oil changes further than they should, against all of the expenditures going for unnecessary major engine work because of it. It's highly doubtful you'll have a + column.
Now, if you lease, or trade in every 4 or 5 years, this isn't going to apply much, if at all. Because you'll rid yourself of any potential problems before they occur.
But with the cost of new vehicles being what they are today, and interest rates going higher and higher all but weekly, it's becoming much less of an applicable scenario today.