I've done it. Well, I'm on my way to building the car with a 5.0 liter Coyote engine instead of the 351 Cleveland. As much as I love the 351, the 5.0 Coyote is turning out to be cheaper yet produce similar power levels. The torque of the 5.0 Coyote, even at stock levels of 400 lbf-ft is sufficient for my needs in such a light car.
I found a good F150 candidate in need of valve repair for $1200:
It needs new intake valves due to the fact that over-idling this particular motor can burn them for some reason. It needs a harness and coils as well. If this engine has had intake valve problems, I'm not confident in my abilities to choose a salvage engine that would be better. I have a good idea of where this one came from since the engine was a core destined to be returned to Ford from a dealer but saved by the mechanic who took it out. It has all of the sensors and also a Mustang intake, throttle body and injectors.
Why change direction? I couldn't build a 351c for less than $12k with EFI, even doing most of the work. They are just expensive prospects when you consider what is required. The F150 Coyote, however, with a set of different camshafts, can make similar power for nearly HALF what the 351c would cost with EFI. Even with a carburetor, the Coyote is less expensive and FAR more reliable at similar power levels.
The POCA President lamented a recent Pantera sale and stated that, in his opinion, putting anything but the 351c in the Pantera degraded the value of the car. He's not the guy who will be driving my car. I'm driving it! So while it may degrade the value slightly, it increases the car's value and drivability to me.
I've ordered and received Mustang GT intake camshafts, Boss 302 exhaust camshafts, a front timing cover, and a gasket set. I've also purchased an oil pan and motor mounts from Dennis Quella specific to this engine swap. I plan to purchase an engine sub-harness from Ford Racing as well as new Manley valves, Boss 302 valve springs, Boss 302 tensioners, a Ford Racing alternator kit, and Ford Racing replacement coils. I also need the Ford Racing Controls Pack, complete with simplified harness, computer, O2 sensors, etc. There will be some firewall modifications but nothing irreversible. With a stock Mustang GT intake, the engine fits nicely below the engine screen and decklid.
Here's the Coyote/Pantera oil pan from Dennis Quella, probably built by Stef's Fabrication Specialties and re-badged: