That being said, with the PROPER mods the 5.4 is ALWAYS going to have more power when both are equally modded.... Not to mention that you have more cubic inch potential with the 5.4... Its the same as the 331/351 argument the pushrod guys have. Sure you have to mod a few things to make a 5.4 work but why the hell not when your going to have to pull a 4.6 to make it at best a 5.1 when its stroked.....
You are completely 100% Wrong. I am tired of arguing this and proving it. The old pushrod engine is completely different. The Pushrod engine favours the Bore and has over a 4" Bore diameter. The old 5.0 for example was a 4" Bore to 3" stroke. The 4.6 shows slight favour to the Bore( 3.55" Bore to 3.54" Stroke ). The 5.4 heavily favours the stroke.
For a performance engine, the 5.4 needs FI and a minimum of 3V heads or the best N/A 4V heads to compete with the performance capabilties of an equal 4.6. The best performing modular engine is the 5.0L Big-Bore, without question.
Stock Shortblock 4.6L 3V N/A engines have achieved 415 RWHP in a S197 Mustang( 2005+ ). Other built 4.6L N/A 3V are getting near the 430 RWHP in street trim. Using the Australian 5.4 3V intake, the current best N/A 5.4 3V engine is flirting with 390 RWHP.
What it boils down to is that the 5.4L:
1) Heavier rotational parts( Crank, Rods ) = Less HP
2) Greater friction due to increases stroke = Less HP
3) Heavier rotatational pars and greater friction = Less RPM potential = Less HP
4) The best 2V & 3V heads DO NOT FLOW enough air for the 5.4L. The best 2V heads barely flow enough for the 4.6L. This is due to valve shrouding because of the small Bore Spacing.
That is not counting the extra weight that the 5.4 adds to the nose of the car.
The facts don't lie.
If you are looking at a 5.4, it better have 4V heads or 3V heads with Forced Induction, otherwise you are better off with a 4.6. If you are looking for the best performance, go with a 5.0L Big-Bore. The 5.0L Big-bore uses the stock 4.6L crank but increases the Bore to 3.7".