The reasons for wanting to do this mod can range from installing a remote starter, to not wanting to pay absurd amounts for a key copy.
Warnings, I am not responsible for any damage to your truck, keys or anything else. By bypassing the PATS system, you are making it easier for your truck to be stolen.
So, to start off, things you will need.
A chip key to sacrifice to this project
Double stick tape
"Dumb" copies of your key
The principle of this project is to take the chip out of a key, and permenantly install it on your lock cylinder. This does have one side effect that I have found. Other chipped keys will no longer work while this mod is installed. Theoretically if you wrap the head of your chipped key in tin-foil it will work, I haven't tested this.
With that being said, lets start.
First things first, get your key copied on to "dumb" keys. (keys without chips) I did mine at Lowes, the guy was confused, but I told them I just wanted them as door keys. Its key blank 24R at Lowes if they say they don't have a matching blank.
Next, you will need a donor key. You could use one of the original ford keys if you like. Personally I like to keep them intact, and I used a homemade key copy (bought an eBay blank, cut by a hardware store) for my donor key. If you need help with programming a new chip key to your truck, google it, theres tons of info on it.
Taking your donor key find the little square cover on the head and pry it off, I used a knife
There should be a little "sled" inside with a chip in it, pull out the chip, it should look like this.
Now go out to your truck, and remove the ignition cylinder. To do this, insert a key (doesnt matter if its chipped or not) and turn to the "run" position without starting the truck, make a note of about where the key is pointing in the run position for later. At this point in time, using a screw driver poke the release on the cylinder while gently pulling outwards.
In this picture, the release is on the bottom of the steering wheel, up inside the hole in the inside upper left hand corner. (Not the outermost hole, which has a screw in it, the one more towards the middle of the panel)
Once you have the cylinder out, remove the three screws holding the bottom panel onto the steering wheel. It is not important to actually remove the bottom panel.
At this point, you will need to lift up on the top cover, to expose the top of the housing for the lock cylinder. Now, attach the chip you took out of the key and using the double sided tape attach it to the outside of the cylinder casing, underneath the column cover.
Now, put the top cover back in place and reinsert the ignition cylinder. Turn off the ignition and remove the key. Now insert a dumb key, if the truck starts, and the "theft" light isn't flashing, you're all set. If it doesn't start, or the theft light continues to flash, you're going to need to reposition the chip. It should be located directly on the cylinder housing, right where the key is pointing in the run position.
If it worked, reassemble the bottom cover, and you're all set, and can now do whatever it was you originally wanted to do.