I steered away from QS when I saw a motor come in as a core, and I was tasked to take the valve covers/oil pan off. The motor inside looked like one solid block of black shiny carbon/plastic, taking up all the room on the inside of the valve cover except where the pushrods went. Those areas looked like finely machined bores.
The motor eventually died of oil starvation, I'm sure. I didn't realise you could get a motor to look like that. I assumed the guy had never changed the oil in it's life, and just kept adding oil or something. When I got a chance to ask the owner, he said that he had always serviced it with QS oil. You never know, but it sure convinced me that I didn't want to take any chances. I'm sure oil change intervals must have had something to do with it.
I think you're right about 5w20 being almost water. But Fords decision to use it was partly based on the expensive overhead valvetrain. They wanted to get oil up to that valvetrain quickly when the motor was cold, and thin oil does that. Could it have been 5w30 or 10w30 and still accomplished that? Probably.
In racing the 4v version, it was discovered that if you tried to run thicker oil, at higher RPMs the motor would "pump up" the lifter, and basically cause the valves to never fully close. This caused a major loss of compression, and had the overall feel like the motor was floating the valves or didn't have enough spring pressure for the RPM. The lifters in these things (technically lash adjusters) have an oil exit hole in them that's sized to match the thickness of the oil. Too thick, and the lifter can't let the oil out fast enough, and that's when it pumps up. High RPM is a major factor there.
There must be some reason these motors fail prematurely. They don't all do it. And some other models rarely do it. I think it might be a combination of things: non-synthetic oil used, wrong oil weight used, 5,000 mile or longer oil change intervals, low quality oil filters used, or maybe there is something about the timing components in this particular engine. Crown Vics didn't seem to have this problem, and those things were used for Police and Taxi cars that were rarely shut off.
See what exact parts failed on yours, and why. I know the newer style phenolic tensioners (w/o ratcheting ladder) were a problem thru all these 4.6's, but I'm curious if that's the problem, or if it's something in the guides/tensioners that's specific to Explorers.