I would check ALL fluid levels, including the engine, tranny, t-case and axles. The haynes/ Chilton repair manual is a great suggestion, there's one for 80-96 F-series trucks & Bronco, which costs under $20. look for the folowing when checking the fluid level & condition:
1. OIL - make sure the level is at the mark on the dipstick. the oil may be black, indicating it's time to change it. If it's milky or looks like chocolate milk, there's water in it = bad. Gas in the oil is also bad. Don't forget to change the filter with a MotorCraft version. If you have a hacksaw, you can cut the old filter in half and look for metal filings or sludge build-up. Look for any leaks on the motor.
2. COOLANT - should be full to the top of the radiator, check the overflow tank for proper level and any leaks. IF the coolant is brown/ rusty, you may want to flush the entire system. The auto tranny coolere lines run to the side tanks on the radiator, check for any leaks.
3. Trans fluid - should be dark red, check with engine running. If it's brown or smells burnt, the tranny needs service. If it's bright pink like Pepto Bismol, coolant is getting mixed with it from a leak, usually at the radiator.
4. Power steering fluid - check the level and color, should be dark red. Look for leaks, esp. under the steering box.
5. Brake fluid - Remove the cover on the master cylinder to check the level. The color should be like honey, or fresh fluid. If it's dark or black, it may have water or dirt in it and will cause headaches. The manual will show you how to bleed the brakes. The ABS sensors are notorious for going bad and lighting up the warning lamp on the dash.
6. Transfer case fluid - uses transmission fluid, Mercon III, same as the auto tranny. Check level by removing the top fill plug, and stick your pinky finger in the hole. The fluid level whould be within 1/2" of the hole.
Axles - Both front and rear axles use gear oil, but the limited slip models need a special type. The front has no drain hole, so a vacuum pump is needed to change the oil. Again, look for any leaks at the pinion and the wheels. take a good look at the rear wheel brake cylinders for any leaks, too.
Fuel - Change the fuel filter, and look for any signs of water in the system. IF the gas smells like paint thinner, it may be really old and will cause problems.
Lastly, be sure to **** the muffler bearings (J/K)!!!
JSM84