There are knock sensors in the engine that will downgrade the performance of the F300 accordingly to prevent damage from running 87 octane fuel. So no harm in running 87 octane gas.
Ethanol is an octane booster.
89 octane fuel with 10% ethanol is actually 87 octane fuel. The 10% ethanol raises the octane to 89. Then when the ethanol sits for awhile and separates from the gas in your tank, then absorbs the water... bad things can happen.
I'd rather run 87 ethanol free octane fuel than 89 octane fuel with 10% ethanol.
I've got over 750 hours on my F300, 3/4 of those hours were all done with 87 ethanol free gasoline.
During the off season, it's important to have your gas tank either mostly empty or mostly full. Never in the middle. If the tank is mostly empty, there's lots of air in the tank but little gas (or ethanol fuel) to absorb water from the air. If the tank is mostly full, there's not a lot of air in the tank for moisture to be absorbed from. Also don't forget to add fuel stabilizer for off-season storage.
During our SE Alaska trip, going through Canada, one of the reasons I found gas in Canada to be so expensive is that they only sell premium grade fuel (89 or higher octane) and ethanol free. There was a letter attached to the fuel pump at French Creek fuel dock. It stated that Canada passed a law requiring all mid and low grade fuel to have ethanol. So to get ethanol free fuel on the fuel dock all they could do is sell premium grade gasoline.
I've ran 1 tank of fuel through Channel Surfing that was 10% ethanol. (Point Roberts fuel dock only offered ethanol gas). I didn't have a choice as I needed gas to get home and all that's all they had. It's not a big deal to run ethanol fuel as long you burn it within a week or so. Don't let it sit in your tank for long periods of time.
Most of the gas stations throughout SE Alaska all had premium gasoline that was ethanol free.
In Puget Sound and the San Juan Islands, Oak Harbor and Des Moines are usually the least expensive. Both are usually 89 octane ethanol free. Point Roberts and Coupville are 10% ethanol. Friday Harbor gives you the choice of "clear gas" (non-ethanol) vs regular gas (ethanol). Most everybody else in Puget Sound and the San Juan Islands is 87 octane non-ethanol gas.