what RF said ... also do some searching on the crownvic site.
What type of miles are you talking about? What record of maintenance? If it's a high mileage unit without previous changes, then it may be time for a rebuild, not a fluid change.
Don't flush the tranny - you take the chance of getting debris loosened up and lodged somewhere bad like the valve body.
I know that there is a lot of info on the DexIII/Mer or Mer-V application. All I can say is that on my 95 CVPI I have used the Pennzoil DexIII/Mer with no problems. Car now has 109K miles on it. I have also had very good luck with the Pep Boys brand of tranny fluid (made by Valvoline?).
But with that said, I HAVE contemplated the Mer-V for the next fluid/filter change. I think that the Mer-V is a synthetic and is also more "slippery" if I remember right? Still mulling it over, but there is a lot of good experience on the crownvic site and here that is pushing me towards the Mer-V. Got another 20K miles before the next fluid change is needed.