I used to own a '89 F150 4x4 with a 302 and a four speed. Excellent truck. A wee bit underpowered with the 302 in my opinion, but still adequate. I had pretty good luck with mine. One thing to watch for are cracked exhaust manifolds. I went through two, both on same side, can't remember which side it was now. I ended up putting headers on it. If you go the header route, stay away from the full length headers. They are a nightmare to install. Wish I would have gotten the shorties. If your truck is a 4x4 and has automatic hubs, you might want to think about buying an aftermarket set of manual hubs like warn. Ford's auto hubs are notorious for failure, especially on the TTB dana 44.
My '89 had over 150,000 miles when I sold it. Still ran strong. Found a '72 Jeep Commando that I just had to have, reason that I parted with my '89.