Any reader will at least read codes, and then with the power of the Internet you can read all about it yourself for free. Just make sure what you get is for a Ford. Not all ODB-II readers are the same (e.g. European cars can read differently, and even domestic makers can find "standard" a suggestion).
If you really just want short and sweet, just go to any auto parts store (Autozone, O'Reily, etc) and they'll check your codes for free (and usually have the replacement part, too).
If you want to spend more than $30, personally I'd recommend getting a tuner (like SCT-X4). Sure it's like $350 but you can read codes with it so it'll become your all-in-one tool. If you go to a show or watch for a sale, you can usually pick one up on sale or with a new CAI as a bundle and save a bunch.
Oh, forgot to mention, an ABS code may have nothing to do with your wheel speed sensor at all. If the computer is reading odd numbers, it doesn't necessarily mean a wheel sensor is bad. You could actually have odd wheel speeds. This can be caused by wheel bearings, tire thread issues (lack of traction), improperly inflated tires, bad suspension setup, failing ABS pump, a bad caliper...the list goes on. So I guess what I'm saying is be careful. If any of those kinds of things are the root of the problem, you could have a VERY bad day VERY quickly.