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Yes, it is the same basic engine and there's a lot you can do to the 4.6 from improved intakes to supercharger kits. Do a few searches, there are a lot of forums out there for the modular 4.6 and the Panther (Crown Vic/Grand Marquis/Town Car) chassis.
You could also get the SOHC 205hp 4.6 in the 94-97 Thunderbird/Cougar and a 280hp DOHC version in the 93-98 Mark VIII. I'd highly recommend checking those out (especially the Mark) if having 2 doors isn't a problem.
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