The 4V will be harder to stuff in because it is larger than the 460. They are good high rpm engines.
I would go with the 5.4L myself in a truck just for the added torque.
You could get 300+hp out of the 5.4L with some worked over PI heads and intake and a good tune. The 4.6L as you said loses out on the torque side every time. I am very impressed with the 3V 4.6L's but they need to rev very high to get to the power as will the 4V, the torque curve on the 5.4L should kick in much lower.
Another thing to consider is how much you can bore them out, a 4.6L can get bored up to a 5.0L, I am not sure how much there is to be gained with a 5.4L.
Well if you want to get into head swapping, then 5.4 all the way. Stick some 4v DOHC heads on the 5.4 and you will still have plenty of low end with the ability to have tons of power in the top end.
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- Ian
1987 Ford Ranger XLT 4x4 2.9
Needs a lot of work, including some rot on the body, but shes getting there.
I'd go for the 4.6 only because it has fewer miles and 200K truck miles tend to be tougher than 200K luxury car miles. As someone else mentioned, the 4.6 also has tons and tons of performance parts out there should you choose to go that route.
The downside to the modular in general (or at least in my opinion), is that there are wires and sensors and hoses and vacuum lines just freaking everywhere. But I guess that's what it takes to get a smooth running modern feeling motor.
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