I just did the chains on mine. I didn't buy a kit. My engine still ran fine and since it was already out of the truck I just did them as a precautionary thing. I have yet to start it since I did them as the engine is still not in the truck, so I have no idea if it will even work, however I see no reason why it won't since I used all OEM style parts (aftermarket manufacturer, Cloyes). With that said, use the information at your own risk. I will keep everyone updated in my thread how it works short and long term.
Since my engine ran perfectly fine and the timing components looked mostly ok, I didn't replace the chains or sprockets. I just replaced the hydraulic tensioners, tensioner arms, and guides. As stated above I did a lot of research to figure out which parts I felt were the best since there was a lot of changes throughout the years. I ended up using the parts listed for a 1996 Crown Victoria, although many others use the same parts. They are cast iron tensioners, and stamped steel guides. The tensioner arms are the same for nearly, possibly all, SOHC 4.6L engines. A small amount of extra, however extremely easy work is involved using this setup, however if you can't do those extra steps, you have no business being this deep into an engine.
I will post a link to the thread here as soon as I find it. There is a fair amount of reading before you get to the conclusion, but I'd recommend reading it all if you have time since there is some good information in there.