I am just about to hit the 50K mile mark on my 01 LS. I want to save some $$ and do the maintenance myself, so what should be done to the car at this time?

Depends on whether or not the maintenance schedule was being adhered to up to this point.

otherwise its just an oil/filter change and tire rotation and inspection of tire wear.

you can find the maintenance sheducle in pdf on the www.motorcraft.com website. Hit the tech resources then owner info link on the left hand side. Select your year and vehicle and you are set.