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Find a cheap 5.4 and do another build. Make some money and have a extremely happy new owner that knows what he's getting in a Excursion with a beautiful Cummins engine.
Probably not. It's a lot easier to get a 2WD transmission set up to handle a ton of power than it is to get a transfer case that can handle it all.
I can see that on an all out race truck, but for the "every man" Sportsman category, or even the Super Diesel category for that matter, it's better to be a 4x4 than a 2-wheel drive rig.
In all the years I raced NHRDA, I've not seen many transfer cases go kablooie on the track. And when I raced my 2-wheel drive F250, it was a bear to keep from lighting the tires off the line. Yes, having a good set of drag radials, ET slicks, or drag slicks on the truck would have helped (like it did for my Lightning), but having a set of 4 tires pulling you down the track is, generally speaking, much better than having 2 tires push you, when it comes to a daily driver that doubles as a weekend warrior at the track.
I've seen trucks launch in 4-wheel off the line, wrapped in full slicks, on stock transfer cases, destroy built transmissions...sometimes on their 3rd trans build....but still running great with the OEM transfer case.