I just went though this and more on my 2011 PP. (Long story...) The car overheated while wife was driving. She shut the car down and let it cool down, then limped it home (about 1 mile). I did a pressure test and found a tiny crack in a plastic tee on radiator hose. No problem, replaced the hose. Two days later, CEL P016 cam/crank correlation error. Soon discovered a rise in the oil level, determined it was coolant leaking into the crankcase, presumably from the water pump. The car ran almost perfectly otherwise. Called around for estimates to change water pump, but no one would give solid price until they were able to look at it. Ford and an independent shop did tell me that if it is the water pump, they would need to drop the engine to do the repair more cost effectively. Both gave labor estimates of 24-29 hours, plus parts.
It was suggested to do a block test on the engine to be sure heads/head gasket were not damaged. Unfortunately, coolant tested positive for exhaust gasses indicating at least a bad head gasket as well.
I decided to take on the job myself with the help of a good friend who is mechanical, but neither of us are mechanics. We did the entire job in my garage without removing the engine.
Disassembly took us about 3 days taking lots of pictures, YouTube videos, Taurus Service manual, marking wiring plugs and harnesses etc. Primary timing chain was loose due to the water pump bearing. The impeller was also damaged.
I had the heads tested and skimmed at a machine shop, also had them install new valve seals . Cost was around $325
Primary timing chain, gear, guides, water pump, head gaskets, exhaust manifold gaskets, both turbo's o-rings, seals and gaskets, valve cover gaskets, Motorcraft gasket material, all from Ford dealer (with another friend's discount) was about $1100.00
Also needed to buy camshaft holding tool ($25 Amazon), miscellaneous tools (thank God for Harbor Freight!) Add about another $100 coolant, flush, 3 oil changes and oil filters to flush out crankcase.
Reassembly took us about 2 days. (Found it was MUCH easier installing the right turbo and exhaust manifold attached to the right head as a unit from the top, rather than installing them all seperately!) 800 miles later, the car is still running very well, no leaks, no CEL's, clean oil and antifreeze.