I dropped a 95 Cobra engine into a 94, so I can tell you it is possible. However, it would be a lot cheaper to just sell the V6 and buy a GT. The only way I would recommend doing the swap is if you want the experience of doing such a swap. I swapped mine for two reasons: I wanted the experience, and my car had a lot of sentimental value - my late Grandfather bought me the car, and I couldn't bear to let it go
is it possible? in fact yes, just about anything is possible given enough money and time. is it practical? in this case i would have to say no. it would be more practical to find a 94-95 with the V8 and build that instead. now if you were doing something more like this;
then dumping the V6 is the way to go as everything needs to be redone and custom built anyway.
by the way, if you are just looking for better performance from the car, you dont really need a V8 swap. you can install a split port 4.2l V6 from a later F150, dump the F150 upper intake and use either the mustang ot windstar upper, though with the windstar upper you might have to relocate the IAC motor. that lone would step you up about 50 or so horsepower, as the F150 4.2l was rates at around 200hp. add to that a better cam, perhaps some head porting, and headers, and you can be up to the 250hp range, and still use your stock 3.8l computer. step up to an after market computer, and you can get even more power. check out these sites for more on building the ford V6;
That's a really good point, and I never even thought about it. My F150 4.2L is rated at 205hp which is very close to what a stock 5.0 makes. If you didn't want to go that route, they make a blower kit for a lot less than what an engine swap will cost you.