is there any type of in car monitoring system for 5.0?

If you mean a real time datalogger, then yes. You can get a twEECer R/T, plug it into a laptop and monitor/change data at any time. Or you can get a Anderson Ford Motorsport PMS. They both allow you to monitor most of your critical engine functions. The PMS is more expensive, and fairly easy to use, but the twEECer can change more parameters if memory serves.