From your description I would say you have more than a PATS system issue. The loud clicking and squealing coupled with the lunging sounds more like a brake related issue. Something like a parking shoe failure possibly.
As for the PATS issue, with only one key there isn't much you can do as any programming or reset as they require two good keys.
You say the light is blinking? How fast is the blinking? What does the truck do if you put the key in and try to start it? What does the light do when you try that? Does it blink faster?
Some of the PATS systems can use a flash code to give you an idea of the problem. To do this you put the key in, try to start the engine then once the light starts flashing wait a few minutes. If it has the code ability you will see the light switch from a steady flashing to a code sequence. The code will be a flash, then a pause, then more flashes So, On - Pause -On On On long pause On - Pause - On On On would be a 1-3 code
Code flashes
1-3 Key code not received. Is key screened by other keys or objects? Try a different key if okay then first key is faulty.
1-4 Partial code only received. Try again. If not okay use different key.
1-5 Key not programmed into PATS. Program key as above using master key or scan tool
1-6 Faulty link between PATS module and EECV.
I don't think the two issues are related but they could be as the airbag light and ABS are both safety systems.
You can try the Ford reset on this page but it may not work depending on the actual problem. THis guide can help
https://www.2carpros.com/articles/how-to-reset-a-security-system
Please run down this guide and report back.
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Tuesday, March 30th, 2021 AT 10:55 PM