For that price, you can almost buy all the tools you need to do the job and OE Motorcraft parts... Though shipping would probably put you over the top, you can get equivalent quality stuff for less and you don't need ALL the tools I listed.
From Sears online
Craftsman 3 ton service jack......................................$79.99
Craftsman 3 ton High Lift Jack Stands........................$29.99
Craftsman 12 pc metric wrench set............................$39.99
Craftsman Brake Bleeder Vacuum Test Kit..................$59.99
Craftsman Heavy Duty Disc Pad Spreader..................$19.99
From RockAuto
Motorcraft BR47B Front Brake Pads............................$41.79
Motorcraft BR2 Rear Brake Pads.................................$41.79
Motorcraft BRRF32 Rear Rotor Pair.............................$89.98
Motorcraft BRRF110 Front Rotor Pair..........................$107.58
Motorcraft DY843 Front O2 Sensor.............................$37.89
OR
Motorcraft DY1081 Rear O2 Sensor............................$44.79
Total if front................................................................$558.98
Total if Rear................................................................$565.88
If your truck doesn't have the lug wrench included, you can pick up a 4 way wrench for 20 bucks. I can't remember what size wrench you need to take off an O2 sensor off the top of my head either, but you need one of them too.
Just saying, if you don't want to do the job yourself, find a different mechanic. You are paying $200-300 in labor (depending on the cost of parts he is using and the amount he marks them up) for work that will take 2 hours at most, or he is just marking his parts up a lot higher than he should.