I agree with building another modular engine, but your reason given is inane.
As for reasons worth considering:
1. The 4.6 computer won't work, which effects a LOT of systems, like PATS, antilock brakes, traction control, the instrument cluster and so forth. Your best bet would be to get rid of all those systems and run a 5.0 harness and computer.
2. As I recall, the K member and motor mounts are different, so you need a 94-95 K member with mounts to make it work.
3. Not sure if the crossmember is different, but the output spline on the transmissions are definately different. You'll need a 5.0 yoke for the driveshaft, while the length is the same.
I think the 4.6 is just as cabable and it is a whole lot less work to build another 4.6 engine. Just go to the junk yard and pull an engine from a crown vic, lincoln or the many other cars that got 4.6s. You can throw in new seals and bore it out if needed, then top it off with whatever heads you want on (4v, PI, ported NPI) and bolt it in with the modifications you ALREAD own.
If you already have a huge amount of money invested in a 5.0/T5 combo, you might consider trading the 97 for a 94-95. If not, go with a modular engine.
build another mod motor.... push rods are a thing of the past. imo