I run 5 quarts in my 3.4 with no issues. With a big filter, it actually brings it right to the "full" mark on the stick. Can't imagine that a 2.8 would be any different.
Regardless, I'm amazed that you're able to hear...
sloshing?!

I would suspect air in the coolant before oil sloshing.
Maybe it's tranny fluid. It re-enters the pan under pressure after returning from the cooler.
If you have a big screwdriver, place the handle end against the inside of your ear and push the tip against the oil pan or tranny pan. If there's anything to be heard, you should be able to hear it that way. Works like a stethoscope.
[This message has been edited by Raydar (edited 10-28-2006).]