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Not sure if the 4.6 has changed much since 97, but here's my 2 cents:
I had an 88 XLT SCAB 4x4 with manual transmission. The 302 did ok, but struggled when I was towing my bassboat uphill...a lot of 3rd gear driving. My 97 XLT SCAB 2WD has auto trans and does a better job at towing at highway speeds. It also seems to do better around town. I love that engine.
With the higher weight on the 2004 F150, I'd be a little bit skeptical about the 4.6. I have a 2004 FX4 SCAB on order, and I'm glad it has the 5.4.
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.