RE: High Mileage
I would be concerned about the timing chain on the 4.6L engines. I am about to upgrade my 1988 T-Bird "Sport", 5L engine with 262,430 miles on it with no engine or transmission work, to a 1997 T-Bird, so I have been researching the reliability of the later T-Birds, also 1997-8 Lincoln Mark VIII's. Unfortunately 1997 was the last year of the "rational" sized T-Birds and 98 the last of the Mark VIII's, so I will need to obtain a rather well used one.
The crew chief on my dirt track super stock is the chief mechanic for a major farm in the area. He works on the 4.6L engines a lot. His experience is that the timing chains often break between 125,000 and 175,000. When the chain breaks, the engine is then junk, (piston/valve conflict). He has started changing the timing chains at 120,000 miles. (not easy, it takes special tools to keep the cams aligned.) His suggestion is to also change the timing chain tensioners at the same time. As the front of the engine is off, he also changes the water pump, regardless of the miles on the old pump.
I have verified the timing chain breakage problems with several of the better local shops, where I know the owners from racing, so I am pretty sure they are not BS'ing me, and they agree it is safest to change the timing chain at about 100,000 to 130,000 miles. Also it is VERY IMPORTANT to properly torque the spark plugs, and check the torque often, otherwise a plug may get slightly loose. Once loose, the plug will quickly beat the threads out of the head. There is a fix, the head must come off, and a special kit used to replace the threads for all 4 plugs. (DO NOT use the standard Helicoil).
IMPORTANT, if you start to hear ANY timing chain noise, HAVE THE CHAIN CHANGED AT ONCE. I was told not to even drive it in to the shop, have it towed, or in my case winch it on to my race car trailer and take it to the shop. I had a lot of trouble changing timing chains on an old XK 150S Jaguar years ago and that was a 3.4L 6 Cylinder overhead cam engine. There is no way I'm going to go through the learning curve on a V-8 overhead cam engine.
From the others that have posted here, it seems that a number of the 4.6L engined T-Birds will stand up quite well, but you don't want to take a chance on destroying the engine just to save the cost of replacing the chain. NOTE: The repair shops only see the "Broken" T-Birds, so it is hard to tell what the % of failure is. Make sure you work with a shop that has done a number of timing chain replacements, you do not want to be their "learning curve".
Ralph78