I changed the fuel filter, plugs and wires and still get this. Only happens at WOT usually under load like trying to go uphill. I have always had it but swear that it only started happening after they changed the gas here to 10% ethanol.
I have a 2001 J2 Trac, at one point I read about a TSB where this was caused by the valve springs hanging open at WOT (speeds over 4800RPM i think). Rather than having Ford @#%! with my engine, I decided to take my chances living with it. It isn't noticeable, nor does it have any symptoms other than the flashing light. Hasn't been an issue yet, knocking on wood.
I would still try to change your wires, plugs, filter, for the sake of maintenance. I have gotten from 8-22MPG in my Trac with this issue, no one else here seems to have this issue. I drive like an ass as well, so maybe it is just that.