Grasshopper: Oil should be as thin as possible but as thick as necessary.
CAN you use a 30 grade in a Ford modular? Yes. Is there any benefit to doing so? No. Unless you run a high performance machine, have fuel dilution problems or beat the oil really hard in a high ambient temp environment, there is no need for oil any thicker.
For one thing the operating viscosity is largely dependent on the oil temp. I happen to know, from more than three years of monitoring the oil temp in my 5.4L, that the oil temp is consistently low... virtually always under 210F. Most times it was around 200, even on a hot summer day (mid 90sF), and around 190 on days from 70-80F. On really cold days ('teens to 30sF), it stayed in the 180s F.
What that means is that, most times, at oil temps below the 212F viscosity rating temp, the 5W20 you are running is operating in or near 30 grade territory (cooler oil is thicker). When you run a 30 grade at the same oil temps, it will be running nearer 40 grade territory and maybe into 50 grade with oil temps in the 180s. Depends on what the starting kinematic viscosity was whether you actually cross those grade lines.
Interestingly, I am seeing higher oil temps consistently now that I switched to a 30 grade. Go figure. I am using a 10W30 in my '05 VVT 5.4L, not because I think it's doing me any good in and of itself, but because it consolidates all the oil in my farm fleet to one, a 10W30 CJ4/SM fleet oil. The oil temp now consistently runs about 8-10 degrees higher than with 5W20 due to the extra fluid friction.
I did extensive testing on my 3-valve modular because the VVT (Variable Valve Timing) is oil pressure controlled and since oil pressure goes up with a thicker oil, the possibility existed that it would effect valve timing adversely. I can datalog VVT operation with the programmer I use. I did so with 5w20 and with the new 10W30 and couldn't see a difference in how the system operates. When it gets really cold this winter, I'll try again.
So, Yancy, my recommendation is to stay with a robust 5W or 0W20 with your modular. It's all that engine needs. Amsoil XL will fall into the robust category but that oil is a bit of overkill unless you really work that engine super hard or plan on extended OCIs (up to 10K), but that's your choice to make.