the 5r55e in your truck is not nearly as strong as that 700r4, but there are things you can do to make it much better.
1) external cooler
2) Ford valve body updates
3) shift kit setup for towing
4) replace your EPC valve if old
5) keep your bands adjusted
6)temperature gauge just to see how things are working.
7) full synthetic ATF
8) external filter kit
with those updates it will give you great service, as long as you monitor your fluid status and keep up with mantenence everything I've read says that the 55e will last a long time.
I have the same year, and with those updates I can't believe how much better the truck drives and tows. I have climbed some serious mountains (well as serious as they get on the east side over here) with full loads, and I have never seen temps climb above 190 on 90 degree days. The shift improvement is huge no more sloppy soccer mom shifts.
Read through the posts on those various topics and you will see what i mean. This place is a wealth of info, and should be supported to keep it going!!!
No they didn't pay me to say that