it's complete, assembled, balanced with rods, pistons, and a crank. Ready to makes it's way into a lightning, cobra R, or your 5.4 conversion stang! It's currently in my Shelby with 8K miles on it. It's in perfect shape and runs hard. So far Kenne Bell has had their shelby up to 810rwhp with no failures. PM me if interested. This part from ford is $8K. I am asking 3K obo.
http://cgi.ebay.com/ebaymotors/ws/eBayISAPI.dll?ViewItem&item=140064759683
http://cgi.ebay.com/ebaymotors/ws/eBayISAPI.dll?ViewItem&item=140064759683