Well after having an '86 Bronco 2 in high school, and an '87 now, here's the advice I can give:
1. Run an OEM Ford thermostat. The aftermarket ones, for whatever reason, seem to make the engine run cold. I don't understand it, but that's been my experience.
2. The TPS (throttle positon sensor) likes to go bad. Hook up an analog multimeter, and set it to resistance. Go between the center and either the top or bottom pin on the sensor. Slowly open the throttle, watching the resistance. If it does not increase smoothly as you open the throttle, the sensor is bad. I find it's about a yearly replacement item. It will run a lot better, and get better mileage, with a good one.
3. If it doesn't want to start in the winter, suspect the starter. I learned this the hard way at -30F. It would crank over too slowly to start when it was that cold, but that was enough when it was warm. A new starter fixed it.
4. If, after you've taken a fairly long trip, there is condensation and / or snot on the bottom of the oil cap, you may have a cracked head. Every 2.9L I've seen that did not have a cracked head was dry as a bone inside the oil cap after a complete warmup.
5. I live in Iowa and I run 0w30 Redline synthetic oil in the winter. Not only does it crank over nice and fast, it keeps the engine cleaner too. The engine also doesn't tick on startup nearly as much as it did on conventional.
6. They like to leak out the back of the intake. Plan on putting that gasket in about every 60,000 miles. You can tell by the oil dripping off the bottom of the oil filter.
They're like anything else, you maintain them and they treat you good. My '87 gets 26mpg on the highway, and about 22 to 23mpg in town. The key is maintenance. Make sure you've got good plugs, plug wires, cap, and rotor. Make sure the O2 sensor is ok.
Just my suggestions. If I can think of anything else I'll let you know.
