The factory U-bolts are unique in that the part that wraps around the axle is flattened, but this is not necessary.
When I did my lower shock mounts and replaced the u-bolts, I shopped around and for my '98 the best price I found at the time was Husky USB041R at Rock Auto (4 x $5.59 ea + $8 S/H - $1 discount code +tax = $31 delivered), which are 1/2" x 3-1/4" x 6-3/4". 6-3/4" is barely (but is) long enough (for a full leaf pack on mine, sports may have fewer leaves?) , don't get shorter than that, though longer, you could get an inch longer and they'd work assuming it's like most and has threads halfway up the bolt.
I can't tell you if the stock were 7/16", (don't remember), but I can tell you that the 1/2" do fit in the holes in the Ford lower shock mounts, no drilling required, so I don't see a reason to go with the smaller 7/16".
Edit: I was on Rock Auto today and noticed they no longer carry the Husky USB041R, then checked Husky's site which also sold them direct and it pulls up the part # USB041RHUS but then a "no results found" error, so I guess they're not a option.