Engine swap??
http://www.nationalcylinderhead.com/...ne.catalog.asp
Scroll down and find 4.6s and 5.4s.
The easiest is to replace the 4.6, obviously.
If you go 5.4, you will have other issues to deal with in the way of transmission, engine controller, accessories and others, possibly. I've never laid eyes on your year truck with these engines, but I can't imagine you can swap a 5.4 for a 4.6 without other things being different, given the deck height differences etc.
Also, how do you do smog checks in your area? Usually, you have to bring it up to the specs of the engine if it's newer, or keep the specs of the vehicle if it's newer.
The other thing to do is pronto have that knock checked, fixed, and trade it off. At 215,000, you may be headed for more down time than you like with axles, bearings, wiring, etc, all the little stuff that jiggles and wears out over time.
Good luck.
I have also seen broken exhaust manifold studs that cause an exhaust leak when cold that sounds just like a tick. Then they heat up and expand and reseal.







