Sure, they do it all the time, cost depends on what mufflers you use, but a good guess would be $300-500 dollars for the complete system, depending on where you live
I see dual exhaust on ford trucks all the time. You may want to double check your states laws on modifying the exhaust system. but if there are no restrictions, have at it. I would recommended installing an H or X pipe for better flow balance. Call around to the different shops in your area and find out what their prices are. if you are able to find a kit in line it may save you some money in the long run. Check at summit racing or JC Whitney.