I agree with everything except for the 5.0 and the shocks! The 4.6 would be a much better option. Everything including the wiring harnesses, engine mounts, tranny/TC compatibility, driveshaft and differentials would be a good match for the motor, since it was an option in that year, and still is today
I'm starting to consider a 4.6 swap in the near future on mine...my 4.0 is sitting at 132k miles right now, and is certainly a strong motor...but if it came time for a major engine repair and/or rebuild, I'd throw a 4.6 in there and everything would bolt up, pretty much turn key. Others on here have also done the swap, so there's some guides to go by
Also, no on the shocks, we have struts!