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If it was me, I wouldn't touch a 5.4 with that many miles on it. Given the choices you've listed here, I'd sooner go with the 92 or 95. The Windsor motor was a very good engine, will run for a long time if it's taken care of, and parts are plentiful and cheap. The transmissions and transfer cases should last a long time as well if the trucks were taken care of. If the trucks were beat to hell and back, then like anything else, who knows what you're getting yourself into.
The 2004 Explorer, especially with a V8, are known for transmission problems. My father had one with the 4.6, and with less than 100k on it, the transmission started to go. Rather than fix it, he traded it. I've heard that the valve bodies are the weak link on these models.
If you can find an 04-08 F-150 4x4 with a 4.6 liter, that would be a lot less temperamental than the 5.4. I'd recommend the 4.2 V6, but it wasn't available with 4wd in the 04-08 trucks.
It all boils down to how these vehicles have been maintained. You can get a 20 year old truck with 200k miles that is in better shape than a 10 year old with less than half the miles. One of the things I look for in an older vehicle is how many owners it's had. A 20 year old one owner truck with a lot of miles had to have been properly maintained to still be on the road, while a newer truck with lots less miles but several owners could have been neglected by one or more of them.
Rezvani's Latest Post-Apocalytic Monster Is a Ford F-150 Raptor Underneath
Slideshow: Called the Fortress, the 850-horsepower pickup combines Raptor underpinnings with military-inspired features, survival equipment, and a starting price of $285,000.