If you want to go with an aluminum block find a 4.6L Explorer block It is aluminum and everything will bolt uo perfectly. This is what I will be doing an about a year
Besides the timing chain guides and having to drill one hole for coolant in the block.EVERYTHING else will bolt up exactly the same..But if using the cobra internals the compression and stuff will greatly vary.
A cobra block will save you about 85 pds with no other changes vs the iron block.
A mark8 93~98(rwd) blocks are exactly like the cobras(made in the same place) and can be had cheaper..