#1 modulars have the crank further up into the block than 5.0s so you would have to be running a ton of oil to submerge the crank
#2 as already mentioned, the overhead cam heads hold a lot of oil, even the sohc heads hold about .5-.75 i believe and the dohc heads close to a quart
#3 you have to account for oil in the filter and pump etc
#4 there has to be a reason why so many people blow up modulars due to oil starvation
#5 if you actually drive your car the way it was supposed to be driven(hard) the oil will slosh around and the pickup can go dry, especially if one were to spinout or something of that nature
it mustve been another similar thread on svtp or maybe it was somewhere else, but i read it a few days ago nonetheless and was shocked to find out that running 7 quarts or more is considered normal