Yes. Be sure to remove the SPOUT connector before setting, and to re-insert upon completion. This is what looks like a dummy plug in a connector near the distributor. Other than that, pretty typical procedure using a timing light and rotating the distributor.
As far as what to set to - the handy-dandy Chilton's manual refers one to the underhood sticker. Not sure what the 4.9L's get, the 5.0L's get 10BTDC.
1989 F150 XLT standard-cab shortbed 4x4, 5.0L, AOD, 3.55 gears, manual hubs, 31x10.50 tires, 218K miles. Repainted Oct09. SOLD - Jan2015
2014 F150 XLT standard-cab shortbed 4x4, 5.0L, 6-speed auto, 3.55 gears, auto hubs, locking diff, trailer pkg, 5K miles.