Where in Chicagoland are you? I'm up North in Vernon Hills and have a 2000 5.0 AWD XLT with 158,000 miles. It has the tow package, leather, cd player, sunroof, etc... Its not in perfect condition, but its got many new parts on it all within the past year including:
-passenger side exhaust manifold
-muffler
-dorman camshaft synchronizer
-IAC valve
-Passenger side hub bearing
-brake lines
-Serpentine belt
-Idler & Tensioner Pulley
-Fresh synthetic oil
-Differential fluid changed
-Intake gasket
-Oil pan gasket
-I believe the rear main seal was done (unless my last mechanic screwed me)
-New Autolite Double Platinum Spark Plugs.
As for what it needs:
-its got some rust that you'd probably want to take care of
-needs lower ball joints (I already have MOOG ball joints here I'll include)
-some of the door locks have a mind of their own, but you can still unlock most with the remote and the keys work too
-When my exhaust manifold was replaced, they broke a bolt so it is now ticking. This needs to be extracted and replaced
I wasn't really looking to sell as I just got it a year ago, but I've been looking more into the 3rd gens and if I get a fair offer I think I'd let it go. I havent looked for 5.0's specifically, but I know there are tons of 2nd gens out there selling for next to nothing, but in reality they all usually need work. I can't compete with the people selling theirs for $1,500 considering I have more than that in parts and labor alone in the past year, but after looking at it, either we get together on a number or we don't. No big deal.
The truck has never had a check engine light on since I've owned it and I just passed emissions about a month ago. Let me know if you want to arrange some time to take a look.
*I might be having the ball joints done this weekend.
**Forgot to mention it has a brand new battery in it as well.