I was considering the same thing when I stumbled across all the additional expenses related to a 5.0 update. Ford racing has some really good pricing on SBF's, or consider summitracing. The 5.0 has a different water pump, radiator, serpentine belt vs V-belt, timing cover, etc, etc. The good news, you have a manual, but its only a 3-spd. Now you're looking at a motor and tranny upgrade. The suck part about modifications, you modify one item, it inevitably impacts another, which inevitably changes another, and another, and another.

 

You can keep all you sane pullys. The blocks are very sililar. If you want to maintain you current pully set up, just have whomever builds your short block use an old style timing comer.
I opted to switch to serpentine set up from march. It was well worth the money