I regaped the clutch on my '97 F-150 ( same as your buddy's) with 250,000. It worked fine 'till about 300,000, and then I had to replace the clutch. Mine only had one thick shim, so I had to lap it down to make the gap smaller.
The AC is on the bottom on that truck, so you'll have to work from the bottom. It's pretty easy. One bolt and one snap ring and one electrical plug. There isn't room for a puller, so you need to pry it off. I broke my compressor case mount a little by prying on it, so be careful. All in all, it's an easy job that took me about 20 minutes.