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FAQ:
Q: What is the difference between Mercon and Mercon V fluid?
A: In my reading Mercon is closer to a conventional fluid. Mercon V is semi-synthetic or blend. Their slight difference in viscosity is negligible imo. The ad pack in Mercon V is probably stouter with more anti-wear chemicals to prolong life.
Q: What is Transmax® Mercon®V?
A: Castrol® Transmax Mercon®V promises exceptional thermal protection and promotes smooth shifting. Certified for use in all Ford vehicles that require Mercon® or Mercon®V Castrol® Transmax Mercon®V promises exceptional thermal protection and promotes smooth shifting.
Q: What is the life of Mercon V fuel?
A: Mercon V has other additives that seem to enable much longer life than the old stuff. Factory fills are lasting 100k miles or more in trucks. Upgrading your 1990 E4OD to the newer parts 1995-up would probably be better.
Q: Do they still make Mercon ATF?
A: You could probably still find ATF on store shelves which are labeled as Dex/Merc. Mostly multi-vehicle ATF, and nothing is specifically Mercon anymore. But with each one of those formulations, you would have to decide for yourself if it is what you want to use.