I have had this similar problem 96 /F53/460 pace arrow....but mine was caused by blown exhaust manifold gaskets melting the plug boots which shorted to the heads. IT TAKES A LOT TO THROW THE CHECK ENGINE LIGHT. It will be a hard code. I put my scanner on it when I got home and absolutely no falt codes.
MY suggestion you take it to a FORD repair center so they can put their scanner on it. It sounds like fuel but heck, who knows.Ive also changed my in tank fuel pump and filter with Ford units....cost $800.00, parts and labor. Sounds like a trans problem too..downshifting all the way to first and 5000 Rpm is not good.
Keep us posted...