Another vote for more frequent oil changes. The owner's manual calls for 7500 mile intervals and that assumes "normal service." Which means highway drives for 10+ miles each way, no racing, avoiding freezing temps and desert heat, no idling/stop and go traffic, etc. If monthly Mobil1 oil changes get expensive it would be better to run the "plain jane" Motorcraft synthetic blend and change every 5k instead of M1 synthetic every 10k.
I also agree with Wes in that you need to at least replace the cam, follower and consider a new lifter. And if you decide to keep the car I would go back in and do the timing chains & guides since you'll be racking up miles quickly. Wear & tear is just part of driving. Everyone seems to have the funds when it's their second time going through the same job.