In my opinion, the 4.6 is a much smoother engine than the 5.0 . I used to own a 86 GT Conv, now I have a 96 GT. The 4.6 is more rev happy than the 5.0, and I'm also getting better gas mileage with the 4.6. My last tank of gas I got 26 mpg (I could probably do better). The absolute best I ever did in the 5.0 was 24 mpg. On the down side, as far as the 4.6 in my 96 GT, it lacks the low end grunt of the 5.0 but picks itself up as the revs climb. There's not a large selection of aftermarket parts for the 4.6 and those that are around seem more expensive. But in time, I'm sure there'll be a lot more parts and at cheaper prices. Both engines are going to have advantages and disadvantages, the thing I'd recommend to you is to try out both the 5.0 and 4.6 to decide what engine is right for you. Hope that helps.
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