I just bought a 96 V8 XLT in august 2013 with 150,000 miles.
Everyone thus far has been spot on, I had to rebuild the front and rear suspension, replace the heater blend door, and the kevlar torsion key pads. BTW, I haven't gotten much noise out of mine, even though the pads are worn away, not sure how big of a deal it really is.
I had to replace both exhaust manifolds because the old ones had huge cracks and had obvious exhaust leaks. You can replace the old style ones with the newer cast iron ones, they are much cheaper, you will need to relocate your oil dipstick though.
I had to replace the timing cover gasket due to a broken water pump stud which seems common on these. It's a fairly big job that involves removing the radiator, water pump, timing cover, and dropping the oil pan (which is not easy because the front differential is in the way). When you replace the water pump, some of the bolts are shared with the timing cover, and when these bolts are loosened for the first time, the timing cover gasket fails and needs replacement.
The rear 3rd brake light is a flourescent bulb with a ballast which often fails. Ford replaced this with a LED design in 1998 which is more reliable. Dorman makes a LED drop in replacement for about $80, or you can try your luck like I did in the junkyard, but I went through 4 ballasts before I found one that still worked.
Check the odometer and make sure it still works. The worm gear in there is a common failure point. Obviously, if its broken, you won't know what the true mileage is.
I rebuilt my transfer case because it was bad and making noise. The chain was bad. If you know what you're doing, you can replace the chain, bearings, and seals for around $150. A new viscous coupler is about $200, if you need it. It's a relatively easy unit to rebuild, although I messed mine up a few times before I got it right (this being my first TC I tried to rebuild).
Overall, it was a lot of work and my rig needed a lot more work done on it than I expected when I bought it, mostly because I wasn't careful in inspecting it. Now I think its working pretty well and I love driving it, I love the V8 sound