I had a few 5.0 fox's and I also had an sn95 5.0. I purchased an 03 GT with the 4.6 about a year and a half ago. At first I though the older 5.0s had more power down low. They make there power at 3k, versus 4k in the 4.6. If you push the 4.6 through its entire power band it will kill the older 5.0's. If you install some 373 gears or even some 4.10 gears you will def feel much more power down low!!!!
This sentiment is something I hear often repeated, but I've found it to be the opposite of the truth. My '98 4.6L performed best when shifted between 5300-5500 rpms, based on the old 10% over peak horsepower rule. In non-PI form, shifts at 4900-5000rpms were optimal.
Those last 500rpms are nothing but noise (and lost hundreths of seconds.)