I would recommend keeping in mind that the IOLM has no idea what quality of oil is used or what the condition is of the oil at any given time. It is not performing any kind of oil analysis.
Since Ford recommends and uses Motorcraft semi-synthetic, I would bet that the IOLM is set up with that oil in mind. If running a lower grade oil, I would plan on much more frequent changes.
As for me, oil is cheaper than ANY repair expense and good/fresh oil can slightly improve fuel economy and performance. I will stick with 5,000 mile oil changes and use full synthetic.