Ray,
If you look carefully at the wording Ford used, when they say "hub cap", they mean only what many call the "dog dish". When "wheel cover" is noted, it's the full wheel cover with the simulated "spokes". There is a discrepancy with the hub cap in that in some places it's "stainless", other it's "chrome". When we talk about "standard", it does not apply to any special body types (Grande', Boss, Mach 1), nor does it apply to any of the "packages" (Spring Special coupe, Sprint), it applies to only absolute base with no options applied - 01 coupe, 02 sportsroof and 03 convertible.
Reading through the facts booklets, this is what I get for the wheel treatments as standard.
71 - hub cap only
72 - full wheel cover
73 - hub cap only
I personally have owned two cars that were hub cap only cars with no evidence of a trim ring. An F-code 71 coupe, and an L-code 73 convertible. Both had body colored steel wheels and scarring of the paint typical of installation and removal of the trim rings.
IMO, most of the confusion stems from the interchangeable use of "hub cap" with "wheel cover", it just rolls off the tongue much easier.