I have a 2000 Ford F-150 7700. This is considered the "heavy half ton" - the GVW is 7700 instead of 6500 on a regular F-150. It has 7 bolt rims and a little heavier suspension than a regular 150. It has the 5.4 in it. I've also heard of the trouble with the truck spitting plugs, but that only happens right after you change them. If the plugs were changed over 10000 miles ago, it shouldn't be an issue. I changed mine at 90,000 and it's still going strong at 160,000.
I use the snot out of her. More than I should, really. This fall I bought some corn from a guy 40 miles away. I took my big box (230 bushel) because it had the best tires and gear. I told him not to fill it because I was pulling it with a 150. When I got back for it, I about crapped - it weighed to have 215 bushel in it! I weighed around 20000 lbs. That was a slow, nerve racking ride home... but it did it. I also hauled several loads of equipment to and from Kentucky, and hauled countless loads of hay and equipment nearer home.
All in all, I'd say the Ford F-150 7700 with auto transmission and 5.4 has been a good, reliable truck. They can be had in your price range.
Here's one on ebay (Not mine. Mine is red) - http://cgi.ebay.com/ebaymotors/Ford-F-150-Lariat-7700-1998-F150-Lariat-4X4-7700-CLEAN-title-new-tires-rims-5-4L-V8-Triton-/180774404204?pt=US_Cars_Trucks&hash=item2a16fe806c#ht_594wt_1084
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