Well I'll take a stab at this. First the 4.6 is a SOHC, which I think sets it in a different category than a pushrod 5.0L. It is a more efficient engine, well cabable of delivering power. I think your 300 HP Max theroy is shot. Stock Bullits put out what 265 or 275 or something and that is STOCK. Add exhaust, clean up the heads, etc, etc. and you'll have more than 300 HP.
I think they are called modual motors because of the parts interchangability between the 5.4L and the 4.6L.
I'm no expert on the 4.6, so I should problably keep my mouth closed, but I like the 4.6L, of course I love my 5.0 too
