GM never used the Ford engine, so the 5.4 point is moot.
To the OP, are you aware of the corrosion problems to brake and fuel lines that the GM 1500 series trucks of that era are known for? Rocker panel rot is a good indication of the lines being bad.
Less than 8 years ago my son bought a 2001 4WD Silverado that was a documented one owner truck from northern Va. It looked just fine then. 4 years ago we blew the truck apart (cab and bed off) to replace the parts mentioned above. Every single fuel and brake line, rocker panels and cab corners had failed. My point being you're in Michigan, so be on the hunt for something well below the Mason-Dixon line if you're looking to avoid those problems. Also avoid Florida and Gulf coast trucks.
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