A timing gasket set is not a major drama. They are not too different, just don't forget the front two oil pan bolts go into the timing cover.
The main thing is that the water passes through the cover on the Ford. With that being said, there are groves around the water passages that, in the event of a gasket failure, prevent water from entering the crank case. It is possible that the gasket simply failed and water got in the oil, but more likely, it is that the cover is either corroded or cracked. If it is just the timing gasket, you are really not looking at a lot of time or money to replace it.
As Squirrel pointed out, it could very well be a head gasket or worse. Just be prepared for the worst. Start with a pressure test of the cooling system to see where it is actually leaking from. Then I would do a compression test to see the real condition of the engine. Both, you can do without pulling the engine apart.
Post up what you find and there is always help here on where to go next.
Cheers,
Joe
