The 4.6L and 5.4L share the same basic design and most parts, like the 289/302/351W do, and the 350/400.
The 5.4L is a stroked 4.6L, same heads, cams and essentially the same block only with a taller deck height to accomodate the increase in stroke.
Yes, all '98 up "modular" (4.6/5.4/6.8L) 2V engines *can* have sparkplug strip-out. Our '04 Grand Marquis did and I can assure everyone that the plugs were changed exactly per Ford's published schedule and procedures - yet one still blew out.
3V and 4V engines do not have this problem, but the 3V can trap the plugs due to carbon build-up if you doddle them or fail to change the plugs on schedule. IMO, both issues are DESIGN DEFECTS and should be covered by Ford 100% P&L, but they won't so don't even ask
I did the repair on our car in an hour in the driveway on a nice spring day, the repair kit was the most expensive part, but I did not have to remove the head and the repair (Kwik-Sert) is WAY better than the stock threads, so it should never fail. Total was about $550 if I factor in my time at $90/hr.
Yes, the 5.4L is a Tq monster with an intake tuned for Tq production and not a HP king. It is also a very reliable engine and should last well over 200K if well treated.