There's a difference between putting the heads on versus swapping the old heads for new. Ford also changed the bellhousing bolt pattern in the backs of 4.6s, that doesn't mean it's practical to do yourself.
I wouldn't. Bout the same flow, bout the same chamber size, probably lower the compression about when you change the gaskets putting them on.
Just put a better motor in it. A 5.2 Magnum will be leaps and bounds ahead even.
Now this guy's got it. I'd take or leave any 318 head as soon as the next. If it has something that runs good on it I wouldn't invest an hour of my time doing anything to them that's not a necessity or simple. If they need seals, fix your good heads- don't pay good money for bad heads. 360s flow better and use the same rockers, Magnum (replacements) flow better and won't decrease the compression but are a better value once you're already committed to doing roller rockers and an intake anyway.