For what it's worth:

2004 5.4 v8: hp - 300 hp@ 5000 rpm
Torque - 365 lb-ft @ 3750 rpm

2009/10 4.6 3v: hp - 292 hp @ 5,700 rpm
Torque - 320 lb.-ft. @4,000 rpm

it's a relatively small gap compared to what it used to be.

 

The 4.6 has more horsepower at the rear wheel then the 5.4. I think it has about the same torque at rear wheel but look it up www.f150online.com/forums/chips-tuners-programming/387491-superchips-now-supporting-2009-f150-v8s.html . Its the 7th post. It has less low end power but peak its better. To answer your question neither engine is going to be overly powerful with 37 inch tires.

 

yea i have the 4.6 3v 4x4 with 3.73 stock and that thing really impressed me wen i drove off the lot i bout floored it and it took off...lol, i thought i just ripped off the dealer and got the 5.4 but wen i got home looked under the hood and there it was the 4.6. lol.....but then again i was used to the 4.6 2v.

 

i have a 2010 single cab with the 4.6 and 33 " mickys on it and my buddy has a 2006 with the 5.4 with stock tires and i can smoke em at any speed

 

I have it and have towed a trailer with a 4500lbs jeep with very little effort. Everyday driving it is great.