converting fro m3.8 to 4.6, whats involved?

Just buy a GT. You'll thank me later.

It would be easier to swap a 5.0 in it. Probably shares some parts.

WAY TOO MUCH! Buy a GT or Cobra, I don't care what your budget is you CAN afford one if you are talking about doing a v6 to v8 conversion. Anyone in your situation may "dream" of doing the swap but the logistics both time and money are not in your favor. I would say if you are 65 and retired and know and love working on cars to go for it....but the other 99% of people are much better off buying the real deal to begin with.

I mean what is your angle - cheaper insurance? 96-98 gt's are not even considered "high performance" because they have crappy horsepower ratings compared to Chevy's,etc. Even 5.0's have LX's that are cheaper to insure, but still have the same v8 as the "gt's".

You will need 5 bottles of advil for headaches, that's a start, I would put that as your number one supply if you go down this route!!!

I looked into it when I had my V6 and like everyone said just buy a GT or Cobra and save some dough.

why swap to gt swap a 03 cobra motor/t56 instead

Either one you swap in, its not really practical or smart (money wise). If/when you go to sell the car it isnt worth much more than the price of a V6 and you have a car that has the same amount in it, that you could have bought a GT or Cobra for.