The 4.6 & 5.4 blocks are the same - the internals and heads are different.
IDK about ausie blocks but US 4.6 and 5.4 are different blocks (taller deck height on 5.4), same heads, same pistons, different crank and different rods. Water pumps are the same (except pre 01 use a shorter shaft than post 01) Intakes are different to accomodate for the taller block.
Lets clear up some myths that I commonly see about modular motors and what can be done. I did a lot of research on a motor combo for my stang.
You can bolt 2v, 3v and 4v heads to any 4.6 or 5.4 if you use the right timing cover.
There are adapters available to mount 4.6 intakes on 5.4 block/head combos, both SOHC and DOHC, not sure about 3v because I've never looked.
You can use any SOHC cam on any SOHC combo with proper PTV clearance, same with 3v and 4v respectivly.
There are adapters available to delete the VVT on a 3v so you can use it on a 2v application. You must use a 3v intake
There are systems/intakes available to run a carb on a 4.6 or 5.4 including a stand alone ignition system from MSD and distributors available that run off of the drivers side cam gear.
The longer these motors are around, the more stuff is being made to do just about what ever you want to do. Manufacturers are finally meeting demands of consumers for these motors. Edelbrock just came out with an aftermarket water pump, Trick flow is about to release a bad ass set of 2v heads that flow as well as 4v heads, more cams are becoming available for 2v, 3v and 4v, etc.