On the V8, my issue was the gasket/o-ring on the oil cooler pipe, it shrank and the tolerances no longer worked - that issue has been solved with the re-design and should be much more robust.
That re-design encompasses the oil cooler pipe and water pump and the gasket that makes that seal.
If your water pump is from Rover it's the re-design, if it still says FOMOCO then it's the Ford design and it needs to be replaced.
On the V6, my issue, as with many, was with the front crossover cracking and failing where it inserts into the block at a location interior to the attachment bolts.
My rear crossovers were good, but I did note that the o-rings were pretty much at end of life.
I had planned on revisiting the issue every 40-50K miles, not so much based on time.
But there are others here with much more experience than I, it's a good question.