Yes, the 7.5L is thirsty; that's what you get from 30 year old technology! Most people don't recall that the 460 cu in (Lima) engine was designed in 1966, for intruduction in the 1968 Lincoln. Since then, it's been a venerable engine. Adding fuel injection has made it very reliable and run cleaner, but it's still 460 cubic inches at heart, and it get's thirsty. There have been a few interations that didn't fare well; the 1978 460 has some screwed up design that didn't work well, and most people stay away from that year. They made the 460 from 1968 to 1997; possilby longer if you include the marine applications.
It was replaced by the 6.8L V-10. Another good engine, but completely different. The Triton V-10 is a screamer; not a lot of torque down low (although better with the 3-valve engine). But the 460 is a big torquer. If you want even more power, I suggest looking into the Banks power package for the 460; it really uncorks the engine.
Dino HDEO 10w-30 would be my first choice. If you can't readily find it, then the 15w-40 will work very well. There are no really tight cleanances in the 460 of that vintage, so the thicker oil should not be detrimental other than (the already poor) fuel mileage.