One more thing. i have located a 1995 gt for a thousand cash with broke transmission. would a swap to a 5.0 be less tech intensive. are they compatible? mounts ,exhaust,ecm,etc?
I'd agree with this. I bought an 03 Explorer aluminum longblock with 29k miles for $1200 delivered to the shop. They had GT engines with 50k miles for about $800. Rebuilding a 4.6 isn't anything like rebuilding an older engine. The tolerances are so tight, and you need a torque plate to even hone them, which is a $500 minimum purchase that many machine shops aren't willing to purchase. You wouldn't believe how many "experienced" small block engine builders who have tried to rebuild a 4.6 and it ended up using a ton of oil and having piston slap out the ass.I'd just look for a used takeout 4.6 engine from a reputable supplier like LKQ, they are inexpensive and abundant, about $750 on Ebay or similar...
A smallblock swap is not a viable option, you can sell the heads and intake you have on the blown motor for about $300, they are known as the "PI swap" and are desirable to 96-98 Mustang GT owners...good luck