I did not really the other replies, but to OP, I will say no, don't do it. The 5.4L is worth it. All of my 1/2 ton size vehicles (I've had Chevys and Fords for personal vehicles) have had either the old Chevy 5.3 big block or the Ford 5.4L. Worth. It.
My personal truck is a diesel 3/4 ton (horse trailer) but my truck for my job is a 1/2 ton with a 4.8L V8. It suuuuuucks. It has no power and the hardest work it has to do is drive a lot of miles, tow 15' john boats, and winch stuff, boats, trucks, up and down river banks. You can feel the weight of the aluminum john boat even when there is nothing in it, it gets crappy gas mileage and it downshifts 2 gears in cruise control to go up mild hills on the interstate. It is a Chevy (I prefer Fords), but it's pretty and comfortable...and that's about all I like about it. It has been reliable, but I'm sure glad I'm not buying the gas. Drives me nuts, poor gutless thing.
For a personal vehicle, I would never EVER get a 1/2 ton with anything less than 5L in it.