Your limitations are the sensors Ford did or did not install on your 7.3L engine.
I am using a BAFX wireless transmitter, based on a recommendation of a coworker. It works great, in conjunction with my android phone and tablet. I use the Torque Pro App. I have both the free and paid version of the app. Both are great apps, and you can do a lot more with then what the average person would need. For most people you do not need the purchased version.
Mine lives in my TV, but I have used it many times checking issues on my kid's cars, friends and, coworker's vehicles.
Foglight; It is a very handy tool. Besides helping when/if you have warning lights. You can see a lot more information than what a stock display indicates. For example, my TV has just a few analog displays, and they are just the basic items on the dash. With this tool, I am able to read actual coolant temps, actual oil temps, actual transmission temperatures (I actually cannot do this one as my TV does not have a tranny temp sensor, but it is the main reason I purchased the reader). I have few different gauge configurations screens. It is very rare, I have the app open when I am traveling.
Last summer when I lost two injectors on July 3rd, in 105+ degree temps, in the middle of nowhere Minnesota with no cell coverage. Besides telling me what the warning light was for, it isolated the issue to which cylinders where having the issue. It could not tell me what part(s) I needed, but with some internet searches a few phone calls, I was able to determine the required repairs. None of the shops in the area could get the required parts. I was able to determined I could I safely drive home with the issues. During the injector issue, I setup a screen with RPM, Acceleration, Throttle position, Speed, Coolant temp and voltage. This way I could determine if I was loosing the injector during a particular activity. I was also able to turn on data collection for more sensors in the background to track what was happening while I limped to our campsite 30 miles away. As noted we could not get enough parts where we were at. I picked up one injector, one coil, and a 10mm socket (only tool needed) and we carefully worked our way home on our next two legs of our trip without changing parts. I knew I had two cylinders misfiring but did not know which one was worse. With the scan tool I determined I was misfiring under heavy acceleration, and when the engine temp was elevated (above 219 degrees). On the drive towards home I kept my speed down, no heavy acceleration, if my engine temp reached 217 degrees, I just slowed down a bit. Made it home with no issues. Luckily the closer we got to home the air temperatures decreased, and the terrain was less hilly.
It is a handy tool, but with any tool, if you do not know how to use it, it is nothing more than a paperweight.