It has been done, and unless you use a 4V 5.4 or plan on going with an FI setup, I don't really see a reason to do it. There's alot of torque, but the Hp isn't there.
Also the size if the block isn't much different from a 4.6, so it is ALMOST I repeat ALMOST a drop in application. There will be something that have to be modified. Spend the money on a blower for the 4.6 and be done with it. IMO.
2000 Mustang GT-Former giggle gas addict
1990 Mustang GT w/ Vortech V3
***resident gun idiot***