I have an '05 F150 with a 5.4L and am running 5W20. Just finished a 7.5K mile/18 month run of RP 5W20 with an MC FL820s and got back a stellar UOA. I have the same batch of RP in it now and will run at least 8.5K before testing (sampling via dipstick) on the next one, with an eye toward going all the way to 10K. I have another fill on hand. Look here for the test:
RP 5W20
I would advise caution on the use of a 40 grade in a VCT modular unless you live in a very hot climate. As OVERKILL hinted, the VCT (Variable Cam Timing) is effected by oil viscosity and all we have are anecdotal reports on what does or doesn't happen with higher grades (were still looking for an expert that can tell us exactly what happens). It will "work", i.e. the engine won't blow up, but you could be changing the came timing profiles and perhaps causing a loss of economy (maybe a gain, who knows), not to mention increase internal friction losses with an oil heavier than what's needed. A 5W30 seems safe, but the bottom line question is, especially in a relatively cool climate, why do you think you need anything thicker than a 5W20, which is a proven viscosity in that engine?
There are good reasons to go up a grade or two. High engine oil temps is one. My own tests in NW Ohio don't bear out a change. I can monitor the oil temp on my truck and it seldom nears, and almost never reaches, the 100C (210F) point at which oil viscosity is rated. Mine is a farm truck, and occasionally it's called upon to haul some heavy loads, so it gets worked. Still, a lot of the time, my 5W20 is in the 185/190F range, which put viscosity in the lower end of the grade 30 range anyway (at least for the oil I'm using now). If I saw regular oil temps above that 210 threshold, I'd go up a grade (or two if necessary) without hesitation, but I trust Ford to have worked out that a grade 20 at 210F (and at "normal" oil temps for a modular) is a nominal viscosity.
Another factor to consider is that many 5W30s have sheared down to a high grade 20 by the end of a long run. Some of the high end priced oils won't, of course, but in looking at many UOAs, even a middle quality 5W20 stays in grade pretty well. In the case of the aforementioned RP 5W20, I tested a virgin sample of the same batch I used and it was 9.31cSt @ 100C (nipping right at a grade 30). At 7.5K, it was 8.9cSt @ 100, still at the top of the 20 grade... as it should have been.