mmmm. a nice 5.4L from a F150 would be fun, but probably too much work. I remember seeing a build up in one of the Mustang Magazines. They didn't get awesome numbers, but they were still better then stock.
It would make great torque, but in N/A form, the horsepower wouldn't be all that spectacular. You really need forced induction and/or deep breathing to make horsepower with that engine. Also, he'd have to save up for a set of addapter plates for the 4.6L intake, unless he wanted to stick with the truck intake...in which case he'd need to save up for an aftermarket hood instead.
Then of course he'd also be adding weight to the front end.