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Welcome to CF!

Rebuilding a 4.7 is not for the faint-of-heart and unless you're an electronic genius, there isn't another engine option that will drop in. Since 99, all the electronic modules are integrated and talk to each other on a common data bus.

For instance, there are 3 timing chains. One from the crank to an idler sprocket, then one to each cam from there. The heads are aluminum and the cams run directly on the aluminum. The oil pan has a windage tray that's a PITA to get off without damaging it. The connecting rods are powdered metal and molded in one piece, then the caps are sheared off so no 2 are identical. Those are just the tip of the iceberg. It WILL be a learning experience should you decide to attempt it.

I suggest you buy a good rebuild manual and study it before you get too deep into it.

 

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Well, okay. Remember this is an opinion site and post shouldn't be taken as fact. Go for it!