Figured I would chime in here.
I did this swap on my 97 in 2011.
I did it for 3 reasons.
A: It was unique to the people I was around. Everyone either did the PI swap, PI engine swap, or had 4vs.
B: It was Cheap. (if you consider $1500 for everything)
C: It was a blast to drive on the German Autobahn. IT WOULD PEG THE SPEEDO, and still pull.
Now I did an 03 Expedition, HPS intake, JBA Shorties, O/R H pipe, SLP LMIIs, stock 2.73s, Acufab 70MM TB/Plenum
It was a blast around town.
A hoot on the highway.
But it did fall a little flat up top.
At the time the general consensus was couldn't rev past 5500, even though the intake alone was said to remedy that issue, at least for power..so they say.
I for one didn't redline it often, but when I did, I went to 6k, never higher.
But you could feel it dropping off up top. Much like 4.6 would.
I have nothing against the swap for a street car. It's fun, it pulls, and it is extremely easy. As a matter of fact I did the swap out of fear of doing the PI swap. I had no issue with tinkering with my oil pan, or labeling wires. But that is why my build ran flat. It was essentially a "stock" swap.
But compared to a well thought out 4.6 build, well it would have a stronger top end(compared to my setup)
It would light the tires from a dead stop in 2nd, and would wind out the 150 speedometer. But for a daily driver in a snowy place I DO NOT RECOMMEND THIS ENGINE. Germany had harsh winters, and aside from essentially driving off idle, I could not get out of my driveway. This torque hits right off idle.
In the end for any 4.6 street car, I would probably do the swap, just because of ease, and fun factor.
I just thought I would share some firsthand info with a direct swap, which would probably be something you would feel more comfortable doing.
I literally had my laptop out with a webpage loaded as I did it.