5w-20 is what these cars call for from the manufacturer.. There are varying opinions as to why. The motor-oil debate is a hot topic amongst s197 owners and you will find opinions on both sides of the fence for as far as the day is long.
The prevailing argument is that Ford switched to 5-20 to help CAFE ratings at the expense of greater engine wear. Makes sense... Sounds just like something those bastards would do... Several claim to have run 30w (and heavier) without issues and in fact Ford does not call for the 5-20 outside of the good ole US of A so that further bolsters the argument.
Here is my take:
On an otherwise stock motor... I think you should be running 5-20 and here is why. When Ford switched up to the 3v heads in -05 they introduced variable cam timing.. These cam phasers are very precisely controlled by oil pressure. Running a different viscosity than what is recommended has the potential to adversely effect this system so I run the 5-20. BUT.. I also run straight Mobile-1 full synthetic and nothing but genuine Motorcraft filters and change my oil often. So if you do go with what the book says I at least recommend staying off the dino oil.
I've racked up 68,000 trouble free miles so far and beyond the day to day diving, I do drive my car hard about once a month... and by hard I'm not referring to pushing it through some twisty backroads... I mean I have it out on course racing competitively asking for 10/10ths out of the car's drivetrain. So far so good... So YMMV, but that's what has worked for me.