I'm hear to tell you, don't do it. Mercon V was specifically made for that transmisson. Ford had problems with transmission shutter that is really, really annoying. Their solution, and has held true, was Mercon V. It has a robust additive package that eliminates the shutter. I just developed that on my 01 F150 SuperCrew. It only has 36K on it, but started doing it, even though the owners manual said to change out the fluid every 100K or so...Bull. Those transmissions need fluid changes a lot and I can see why after feeling the symptoms myself. I didn't have a lot of time so I sucked out about a gallon through the dipstick, replaced it with new fluid, and viola!!! shutter is temporary gone. I need to drop the pan but not until it warms up.
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Mercon V is very very important.
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You can use synthetic, but there are only two synthetic Mercon Vs out there to my knowledge. AMSOIL's Universal ATF (about $100 to change your tranny) and Red Line's (about $120). Don't go playing around with "multi-use" ATF.
The nice thing is the synthetics can be used for about 60k miles, maybe a smidge more. They really do help with tranny temps.
If you use Mercon you will experience TC shudder problems eventually. Mercon V was designed to solve that problem.
You CANNOT use Mercon V in vehicles that are supposed to have Mercon. Ask a 4R100 owner that did it once and they'll tell you. =)
Mercon V goes into 4R70W (AOD family) transmissions and a few others that spec it out. Mercon goes into Mercon applications. It's defintely ones of those transmission commandments chiseled into stone somewhere. Also, this family of transmissions likes clean fluid, change out around 35K.