From another Ford owners experiences
If you have the key your golden, if not then your in my boat, from what I've done and read remove the steering wheel first, two Phillips screws hold the center section of the wheel, once you've taken the cover off,move the wires in the way remove the bolt in the center, its 15/16" there may be a wire in one of the holes right next to the center bolt, depress it and then get the infamous steering wheel puller. screw in the bolts and pull the wheel, put that to the side, onve you get that there will be a few more Phillips screws holding yet more stuff in place, remove them, there will be enough slack in the wires you can pull them to the left and down, out of your way, if you have the key turn it on, but don't start the vehicle
, you will notice there is a little pin on the inside of the column underneath the lock cylinder itself, depress this and jiggle the key, the lock should pop out.
I however do not have the key, I attempted to drill the pin out, no go, so I started to drill the ignition out where the key goes, that seems to work so far, but it got cold outside so I came in to see if there was an easier way, so far no luck, I hope yours goes better
Read more: http://wiki.answers.com/Q/How_do_you_remove_the_ignition_lock_cylinder_on_a_1986_F-150_4WD_Automatic_Pickup#ixzz24x8kpbOT