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The 04 5.4 is a different block than the 97-03 so I don't think so. The 4.6 block has not been upgraded yet. The 05 Mustang GT is going to have a 300hp 4.6L 3v engine. Both the 04 5.4L and the 05 4.6L GT Mustang engine also use VCT (variable cam timing).
The 5.4L Block is taller and wider to accomodate the longer stroke. The bore is the same in both. The new 3V heads have a different intake port due to the flapper valves in the intake to maximize the air flow for low end torque.
Rezvani's Latest Post-Apocalyptic 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.