Kyle...you and I are alot alike: '01 Xlt 4.0 5spd Waag bar and all that. AND we have the SAME problem with our trucks. Slave Cylinder problems. On mine, the pedal feels mushy and there's alot of slopy looseness for half the pedal range. It sucks. Hard to put into gear at times, espicially slowing down toward a red light when you shift into 1st.
Since ford are idiots with this new slave cylinder, they putit into the bellhousing, so you must pull the trans. While in there, a new clutch is a very good idea.
I havn't done anything yet to mine, in about a month, my truck will be in our shop and the tranny dumped out.
Good luck kyle.
PS...thanks for the waag instructions i printed out before gen-edge went belly up.
'01 XLT disguised as a '03 Fx4 Level II
Big. Loud. Slow. Bright.