I'm a shop foreman for a large dealer and I haven't heard of any inherent problems with 06/07 F150 5.4's. I know of a tsb for stuck valve lash adjusters that cause a loud ticking noise in the valve train area. Depending on the engine build date your truck may have had this issue. Ford is always big on aftermarket oil filters, some of them allow oil to drain back causing top end noise on start-up's.
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Some vehicles equipped with 4.6L, 5.4L, and 6.8L 3-valve engines built between 1/11/2006 and 2/14/2006 may exhibit a loud ticking noise in the valve train area. This may be caused by a stuck/collapsed lash adjuster.
Verify engine build date, isolate, and replace any stuck/collapsed lash adjuster by following the Service Procedure.
Eligible Under Provisions Of New Vehicle Limited Warranty Coverage
NOTE: The information in Technical Service Bulletins is intended for use by trained, professional technicians with the knowledge, tools, and equipment to do the job properly and safely. It informs these technicians of conditions that may occur on some vehicles, or provides information that could assist in proper vehicle service. The procedures should not be performed by "do-it-yourselfers". Do not assume that a condition described affects your car or truck. Contact a Ford, Lincoln, or Mercury dealership to determine whether the Bulletin applies to your vehicle. Warranty Policy and Extended Service Plan documentation determine Warranty and/or Extended Service Plan coverage unless stated otherwise in the TSB article. The information in this Technical Service Bulletin (TSB) was current at the time of printing. Ford Motor Company reserves the right to supercede this information with updates. The most recent information is available through Ford Motor Company's on-line technical resources.
Copyright © 2006 Ford Motor Company
I still don't know if your engine is under tsb because I would need the number from the engine, I know the truck was manuf in 8/06 but engine was build before that.
I f it was me I would get the valve lasher done, I haven't seen a crankshaft problem on any 06/07 yet. Not to say your truck doesn't have a issue with the crankshaft I just haven't seen or read that anywhere.
I enclosed the tsb so you could read it.
I did not get the last part of your message about your recommendation until Tues A.M. Thanks for your help. I will take my f-150 to another dealership and ask them their opinion as well. You have at least created enough doubt in my first diagnosis that I won,t just buy a new truck without confirming I have terminal engine failure in the near future.