While you’re at it just install some new plugs. Fords, like all domestics don’t require a very fancy plug. And unlike all imports you can pretty much use any plug that fits. They’ll be cheap as nails. Avoid Auto lite plugs. They’re just crap all round, I wouldn’t even put one in my lawn mower!
I would also inspect the ignition system also as well as run some injector cleaner through it. Using the higher octane fuel will help prevent the knock but you want to find the reason it did. Alot of cars will knock accross all cylinders if the timing is off, or the parts are worn enough. Carbon build up will cause a knock for sure, but it takes a fair amount of it. If there is a considerable amount of carbon build up no cleaner will remove it. You basically have to pull the head and scrub things clean with a scotch brite pad. Burning oil will absolutely cause carbon build up. Your engine isn’t a high compression engine so I wouldn’t consider the build up from using low grade fuel.
Now that you found the location of the oil leak I would:
Concentrated fuel system cleaner / Valve cleaner in half tank of high octane.
Change plugs
Top up oil
Go for a 2 hour drive on the highway keeping the revs up. IE if you have an O/D switch turn it off. This will give you lots of fuel spray that will clean off the valves and help clean the combustion chamber.
Run the rest of the fuel through and then fill up with your normal stuff to check for improvement.
I’m a big fan of the Valve Cleaner from Liqimoly. Up here VW/Audi dealers use all sorts of Liqimoly stuff that’s re bottled in VAG bottles. Works really good if used for maintenance. Its all TUV rated witch means more if your a european car guy. But like I said, if its really built up nothing else will remove it other than hard labour.
On the topic of Sea Foam I’ve never personally run it in any of my cars. But have been around a few while its being used. One car was the same as what I drive, known for deposits if you use a poor grade fuel. It certainly does smoke quite a bit. It did a nice job of cleaning up intakes and valves but as far as removing carbon deposits when the heads were pulled there was no change from before when we used a scope to look thru the spark plug hole. I’ve seen the same results from simply using distilled water, only instead of pouring it thru a carburetor its fed in thru a vacuum line.
Hope you get your truck solid again!