The V10 just really is not set up for it. There is very little aftermarket support for it. And they tend to blow out spark plugs.
As far as lightening the truck.. Lighten it as much as absolutely possible. You'll need to in order to not be laughed off the track.
Some custom tuning will really help too. Not in the performance realm, but in the not-running-lean-and-burning-up-your-pistons realm. Ford gasoline engines are *very* touchy about air/fuel ratios. I have heard that putting a cai on is enough to screw up the a/f ratio enough to burn up pistons and valves. You have to get some custom tuning to correct for the added air.