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from what iv see on my 02 with the 4.6l and my 06 with the 5.4l the 5.4l seems too be better on gas. makes sence the f-150 is a pretty big truck the 4.6 gotta work a little harded to get it movin.
the 5.4 does have an easier time moving these trucks, and i'm guessing by 4 doors you meant the 4.6 is a crewcab - that's a bit heavier... so that'll eat into mpg a little too..
If both engines are working hard(driving fast,heavy winds, heavy foot, etc.) I could see the 5.4 getting better mileage. I think the the 4.6 offers better potential mileage than the 5.4. I have an 04 4.6 SCrew 4x4. I kept track for over a 4000mile stretch (and kept my foot off the firewall) and averaged just over 19.3mpg over that time frame.
My guess is that the 5.4 would do ok also if you keep your foot off it, to
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