Just another thought, a 5.4L SOHC 3 valve engine is smaller than a 4.6L DOHC 4 valve engine. So if the 4.6L DOHC will fit, as it does in the 04 Mustang, putting a 5.4L SOHC 3 valve engine in a 05 Mustang will be a piece of cake. Squeezing in a 5.4L DOHC could be a problem, but the new 3V heads flow almost as well as the DOHC heads so who cares of a 5.4 DOHC won't fit.
I still think that we will see the top of the line 06 or 07 Mustang get some form of the 5.4L S/C engine from the Ford GT. Or maybe it will be a 3 valve version.