I have a 99 Limited with the 5.0. 175k miles. Pinging has been an issue as well but only towing and heavy acceleration. My wife usually drives it and she has an eggshell foot so it hasnt really been a problem.
I did notice though the fuel mileage on highway was getting worse (not towing, 16 as opposed to 18-19 previously).
I just changed the MAF sensor and saw an immediate improvement - no pinging with regular unleaded and over 18 mpg highway. Some said to just clean the sensor, but I was able to source a lifetime warrantied MAF sensor online from a well-known retailer for under $80 (with an internet coupon and free shipping). 4 bolts, 1 clamp, 1 plug and less than 10 minutes to change it.
Hope that helps.