Using Ferber method in everyday life

I am a new SAH mom and need advice.  I finally have a baby after many
years of miscarriage.  This baby is the love of my life.  In the eyes
of my mom and friends, I have 'spoiled' the baby because I never let
him cry.  He just seems like a very happy, calm baby 24/7.

Due to a family crisis - I can no longer lavish my baby with as much
time and attention as he is accustomed.

He is almost 5 months old and on some occassions,  as soon as I put
him down, and he sees me walk away (still within his vision at all
times) he crys.  If I don't pick him up, the cry turns into the an
ear-piercing, red-faced, scream that wont stop until I hold him.  I
can be right in front of him touching him and he won't stop crying.
It's so loud and distressing I wonder what my neighbors must be
thinking!

Mind you, he does play by himself with his toys and can entertain
himself for quite some time, but other times he shifts into
'high-needs mode'.  I have a baby carrier, but I it isn't always
practical, especially if I'm cooking.  

My friend suggested the Ferber method, but altering it to fit a
daytime situation.  Yeah, that lasted about 5 minutes.  Because I am
not used to seeing/hearing my baby scream-I broke down after a few
minutes and picked him up.  How can I not?  As I held him against me,
I had to hear him take those quivering intakes of air that babies do
when they've been crying really hard.  It broke my heart to hear him
do that for 20 minutes.  He's never done that before.

If I continue to pick my baby up,  and not teach him how to 'cry it
out'  & comfort himself during the day - am I setting myself up later
for a lot of problems, IE:  clingy child with social problems?  If I
somehow find it in my heart to let him cry for longer duratons, can
that make him distrust me?  I'm really confused.

Nightime there is no problem as baby sleeps just fine in his crib.
I'd like to hear any suggestions.

Wimpy Mom