Ryan, I bought the kit. If you look, the kits should specifically say "for the 5.4L engine" on the kit. I bought my kit new for $400. Keep in mind that the kit will come with only 5 inserts. So, if you are planning on doing all 8 plugs, you will need to buy 3 additional sleeves.
This is my feelings and maybe I am a little conservative here, but you can't really go wrong my way, on using the kit. If you are doing a single cylinder, then leave the head installed, cut out the old threads, cut the new threads and install the sleeve. Just make sure you know that the cylinder is not at top dead center whey you work it and that the valves are shut for that cylinder too. You want the valves closed just to prevent throwing metal chunks around inside the engine, you want to keep them confined to the cylinder. You will also want to use lots of grease in the openings of the tools to trap any metal shavings followed by a very deliberate vacuuming of the cylinder for any metal pieces that were not trapped by the grease. When doing all 8 cylinders, the possibility of leaving something behind was too great for me, so I pulled the heads off of the engine and did the sleeves on the bench. Your call.
If you do pull the heads off, this will be a long weekend job. You have about 12-18 hours of wrenching to pull the heads off and put them back on, then you will have another hour or so to do the sleeves. I used this time to also do a mile port/polish on the heads to help gain some more power out of the truck. But, doing it this way is going to cost you an additional $400 for the top end rebuild kit and 2 sets of head bolts at a minimum when it comes to parts.