I have owned my '96 for almost (2) years now. It has approx 120k km's (75k mi.). I've just recently experienced a cam failure. Yes, the dreaded ticking noise. It was quite a different sound than the usual valve ticking. Fortunately there was not any major damage to the engine. All the valves and other internals check out ok.
Luckily I had purchased an aftermarket warranty with this vehicle. I know what you're probably thinking, Lubrico or Global, I've been through that mess and that is not the case with this company. The company is Autoshield. So far, throughout my ownership of this vehicle, they have covered a new alternator, valve adjustment, struts, and various other minor fixes that are too numerous to list here. I would highly recommend them.
As of this writing Autoshield is footing the bill for a new replacement cam from Ford (5 day delivery), seals, gaskets and all the labor costs involved. The only costs incurred by me will be the welding of the remaining (3) cams. Since the cams are already exposed, due to the diagnostics, this cost will be minimal.
I am obviously not going through Ford Motor Company for this claim or repair work. Also, I am not in any way affiliated with Autoshield. I just thought I would drop you note to document/inform you of my situation and possibly help out in some way with this situation between v8 SHO owners and Ford Motor Company. Let me know if you feel I can be of any assistance.