It all depends on how many miles are on the engine and how well it was taken care of. I’ve had pretty good luck with blocks but it’s a gamble if you don’t get it measured. If the cylinder walls are fine then putting in the cobra pistons and rods would be a great combo, I think it keeps the compression ratio around the same. I would leave the crank alone unless you really want an 8bolt crank, then you gotta match a flywheel and clutch to it as well. Honestly if you just do pistons and rods I would save money and boost it, then add mods later to help improve hp. You can always up boost for more power and still have everything else stock up to 500hp.
If it were me doing it again, I’d source a 4.6 aluminum Ford Explorer long block, cobra pistons and rods, leave everything else alone and boost it. Then work on suspension, and then maybe add more performance once you need more hp.