Yes I to am a lover of the manual "handshaker", I just bought a 97 F150 back in Feb (2005) I specifically wanted a 4.6 with 5 speed......They are hard to find, it took 3 months to find what I was looking for.
I have a 97 F150 XL 4x4, 4.6, 5 speed, ext cab, 8 foot box, 3.55, and factory tow package, I bought it with 56,000 miles, I am the 2 nd owner.
Yes the Mazda trans is notchy, but that's just how they are, I had a 94 Ranger with a 5 speed Mazda (different tranny) and that was notchy as well.
I've been driving trucks for years, they are trucks not race cars, so it doesn't bother me that they are a bit notchy.
I use it quite a bit for hauling and towing, I have a camper that weighs approx 3700 lbs loaded, not including 5 people, and payload in the box. The 5 Speed does fine just what I would expect.
Changing the tranny fluid in these is easy and a good idea every so often. The Slave cylinder in these is one of the weaker points, and not an easy fix, it requires spliting the tranny from the engine.


Good luck!!!!

 

Fix: Replace whatever fluid is in there, even Mobil 1 ATF, with Royal Purple ATF and install Hurst short-throw. My 5-speed issues are almost non-existant and I almost got rid of this truck on several occasions because of the poor shifting.

 

My 01' f150 has grinded from 2nd to 3rd on high rpm quick shifts since I brought it home from the dealer new. It doesn't do it all the time, just every now and then when I drive it hard. Slowing the shifting process down seems to help with that.
From what I can tell, it doesn't cause any problems that I know of. I do notice when I change the ATF fluid, that there is a small amount of tiny metal shavings on the magnet on the drain plug. And I hear that this is normal for a manual tranny according to my Dad.

 

I have been frustrated with this, and recently I have been having hard shifts into all gears. My dad keeps borrowing my F150 so i never have the time to work on it, but i am definently changing the Transmission fluid. Now one question...whats the best fluid for mine. 4.2L 5spd manual. I always do my oilchanges, and changed the ATF on our Dodge Intrepid. I am new to this so I might start a new thread later.

 

IMO, Royal Purple Max ATF. I noticed quite a difference over Mobil1 Full Synth. ATF even. It's super easy, the hard part is pouring it back in. Do a search, I'm SURE I've had a thread or two about it.