welcome to EF! the 4.6 2vs are one of the best motors imo, very little common issues. what has failed on yours? the 302s are also one of the most reliable motors imo, and are simpler than the modulars. thats just about the only benefit for the engine is simplicity, you lose power etc. imo the tranny could leave a little to be desired, as you have the 5r55s as opposed to the 4r70w behind the 5.0. but as far as engine, not much difference. the 2vs were found in the crown vics, and they have proven themselves to be very solid motors! cant really go wrong either way with both the 5.0 and the 4.6 imo, only benefit may be the simplicity, and 4r70w imo. other than that you lsoe some power.