Going to start going over sons 1986 f150 with a 302 with the EFI monstrosity & auto transmission . It is about in average shape I would say. 57k on odometer.. I don't think this is accurate mileage. We know the engine is burning oil on a regular basis and there is some type of ignition /ECM intermittent issue where the engine stops running. Also headlight and directional and brake lighting is not consistent. In the cab the bench seat is not original or adjustable... the steering column needs to be 'rebuilt'. the objective is to get to the point where it would be a dependable daily driver.
My intentions are :
Rebuild Engine
Have transmission rebuilt
re-wire engine harness and running lights (and anything else that is need of re-wiring)
rebuild/replace steering column.
Replace bench seat with an original or equivalent.

If anyone could recommend an engine rebuilding book? Is this sufficient? Also what systems would you upgrade? Fuel pump(s)? EFI? etc....
Appreciate all suggestions. Thanks.

 

I remember a 1986 F150 5.0 Supercrew I had. Top of the line everything. Jeez that truck was comfy but like yours, it sometimes would just lay down on me. Ended up being the Ignition Control Module. It sits on the front of the dizzy. When mine would reach full operating temps the unit would get hot and quit working. If you're looking for more power, the quickest and most effective for that truck will be swapping axle gear. My Screw came with 3.55's. A set of 3.73s which was an option that year would have been so much better and still get decent gas mileage. Assuming stock tires, that would be something I'd want in an 86. Bigger tires, need more gears like a 4.10. You might look for the XLT bucket seats. They were as comfy as an easy chair. As I recall, while you have the steering column apart, make sure to swap out the ignition switch which is on the column below the dash. The key is not the ignition switch but pushes linkage that operates the switch. The switches are notorious for coming apart and sometimes it will start, sometimes nothing. Can even be the entire issues with not running and the electrical gremlins. I'd certainly start there anyway.
Ignition starter switch

For the oil burning, these were some of the early engines Ford used low ring tension on. They were prone to sticking. I'd suggest changing the oil to the Rotella 10w-30 and see if that solves the issue. It will have more detergents in the formulation to help unstick any rings. Use a quality filter and hope for the best. IF the mileage is correct, that most likely is the reason for the oil burn. While never a power house engine, they were known for long life. I put several hundred thousands miles on numerous 5.0 EFIs back then. All were running fine with over 200,000 miles on the clock.
One other thing that just clicked in the brain. All of the 5.0s I had ran significantly better on 89 octane gas. Might give 89 a shot for a few tanks. A good dose of Techron in a half tank of gas would be helpful. Drive it around town some. Let it sit overnight and then go drive it like you stole it usually cleans the injectors and cylinders. Using 93 octane made for transmission shifting issues. It would shift far to early. No shifting issues with 89.

 

Mileage I posted (57k) was incorrect. It is 97k! And I think it is on it's second time around, imo. That's just based on the wear of the interior. The wiring in the engine compartment has been mended and hacked up. It's a basket case, imo. I will try that oil change and and the 89 octane as well. I will post results here. Thanks labnerd.

 

I owned a 86 SWB Lariat F150 with a 302 V8 and C6 3 speed automatic. I had ignition module issues too. It occurred when the engine got hot especially with the AC on and especially when I towed my TT. Mine had a 3.00 ratio rear, but it still towed my 25' TT just fine on flat land.