I have the XLT Triton v-8 4

Lets start with the fuel pressure? What is the exact fuel pressure?

Roy

Is the theft light blinking or on steady when the key is turned to the ON position?

Also try disconnecting the battery cable for at least 10 minutes (some people suggest at least one hour), reconnect and see if it cranks. If so, suspect the PATS (anti-theft) system.

No. I don't think that disconnecting it again would be any different from the last time. The security light should go out a couple of seconds after the key is turned to the ON position. It should be steady, not flashing. Is that the case?

Also, check for a spark at the spark plugs, when cranking the engine(if you haven't already).

How to check for a spark DIS system
1. Disconnect a spark plug wire at the spark plug end.
2. Connect the plug wire to the spark tester and ground the tester to an appropriate location on the engine. (If you don’t have a spark tester, put a screwdriver into the spark plug end of the wire and lay it on the engine so that there is at least a  inch gap between the metal part of the screwdriver and a metal part of the engine)
3. Crank the engine and check for the presence of spark, and also the intensity at the tester. (Or a spark between the screwdriver [metal part] and the engine)
4. If spark exists at the tester (or screwdriver), the ignition system is functioning properly.
5. Repeat the procedure on at least one of the remaining spark plug wires.

Well before we get to bypassing anything let's narrow down the possibilities.

1. Does the ignition system produce a spark when you try cranking the engine?
2. Is the theft light blinking or on steady?
3. Does the engine now start when you use starting fluid or carb/choke cleaner?

Have you tried starting it using the spare key?

Also, try jump starting it. I know that the battery turns the engine over, but sometimes the battery will have enough power to turn the engine but not enough to fire the coils or operate the injectors (weird I know, but its' happened before on these). I know it's a long shot but the alternative is listed below.

If you have tried both keys and disconnecting the battery for 20 minutes then retrying with both keys then there is nothing else you can do. A ford IDS scanner will be needed to clear and reprogram the keys to the vehicle. For whatever reason the key programming has been cleared and if it won't start after a 20 minute battery disconnect with either key it will need to be reprogrammed with an IDS scanner. Unfortunately this will involve having the vehicle towed to the dealer.