My mom has a '00 E150 fitted with the 4.6l V8 that has 86k on it. I changed the oil on it about 3 months ago using 10w30(Havoline) and checked it about 1300 miles later, I was shocked to find nothing on the dipstick(used to checking our old cars oil, and little to nothing being used), which was about 2.25 quarts low, from the 6quart max. Well, filled it up.
Next time tried using the 5w30 stated in the manual since the weather was getting cooler, but after 1300 miles it still used about 2qts. Blue smoke is not noticable when accelerating hard. I know it could need the heads and cylinders reworked to really fix it, but.. I don't think that is an option as there is no warranty, and I have seen other people get their motors 'rebuilt' and it didn't fix anything or was worse.
I'm not really alarmed as I have looked it up and seen similar 'problems' with oil consumption, but I figured I would ask you guys here with the 4.6's in your trucks and see if you saw similar consumption.