IF you have the budget, GO FOR IT! As mentioned above contact Modman, he can help supply you with motor mounts, headers, adaptors, etc.
http://classicbroncos.com/forums/showthread.php?t=167085&highlight=MOdman
My understanding is that he has done several 4.6 L conversions and even a 5.4. The 5.0 would be a sweet swap and while it is a HP motor, it does make good torque as well. The economy would be a huge plus.
I have an Explorer (Windsor) 5.0 in my Bronco with EFI, overdrive, proper gearing for tires....the best fuel economy I have achieved is one tank in CO last summer where we were on back highways (rarely in OD, mostly 4th gear 45-60) in the mountains (no, not all downhill). I have had a couple other tanks in the 15 mpg range (55-65 mpg, mix of 4th and 5th gear--flatlands near the Everglades and elsewhere in CO) and quite a few highway/interstate tanks in the 14 mpg range. Its not great, but I have 35" tires and 5.5" of suspension lift and 1.5" of body lift...so aerodynamics are killing me. Fuel economy is great until I get over 65, drops a mpg every 5 mph...give or take...at 80 I am back down to 11 mpg...depending on the terrain (grades dont help)....if I can keep it at 70, 13-14 is the norm...problem is--the Bronco WANTS to run 80+...whats a guy to do. Around town I range between 11 and 13 depending on my driving style/aggression level, etc...not awful...not great.
I think if you keep it around 3.5" of lift or less, you can get better economy. The diesel option would definitely be a great direction to go...although it may be difficult to tame the noise/engine-music. The 3V 4.6 above in the Modman thread sounds amazing and definitely appears to have good power/performance. While I am happy with my combo, if I were to have to redo the powerplant again, I would have a difficult time deciding between the 4bt and the 4.6/5.0/5.4L engines. As it is, I would like to get a bit more out of my 5.0 (ditch the GT40 heads for some AFRs and toss in a supercharger), but the latter would be no help in improving fuel economy...the heads probably wouldnt hurt though...hhhmmm.
Good luck with your decision. Alot of people will say not to do one thing or another, it is what they know. The 5.0 or 351W variants (331, 347, 393 or 408) will definitely fit, mate up nicely with existing drivetrain or easily accept many of the tranny upgrades available these days.
Having never tackled anything like my frame-up, I was too intimidated to try the 4bt when I was planning my build almost 6 yrs ago, there just wasnt much info on it and I had access to a 5.0 to stroke until I found my "crate" engine...so it made the 5.0 the obvious, easier and cheapest choice. Now, I feel comfortable enough with my skills to tackle such a swap AND with all the info, photos, build-threads and expertise, its very do-able. ...I dont think anyone back then (6 yrs ago) had done the 4.6--due all the electronics issues. Nowadays, there is alot of info; if you have the skills or the money, actually you need both or alot of the latter, then you can make anything happen. Again, good luck.
Have FUN!
John