You'd have a hard time with emissions/registration/insurance maybe??
But seeing that you are in SD, you probably don't have any of the above! Ha, ha!
Technically, fed law prohibits the installation of an older engine in a newer frame going back to probably the early/mid 80's. If the frame is older then that, then you can do whatever you want...
Regardless of all of that, if someone can squeeze a V10 into an F150, I'd think the 460 would go in.... Hell, I've read about mid 80's Mustangs with 460's shoe horned under that little hood!
Just a matter of how much time, $$, fabrication and ingenuity skills you or a buddy has...
Other considerations off the top of my head would be that you'd have to fab up your own gauge cluster and probably a variety of wire harnesses for the other electrical needs.
Sounds like a nice project for a mid 70's F150 reg cab short box! Now that thing would move! Or if you can find one, I'd love to see that motor in a '54 F1.
As far as the motor sitting for all that time, I saw an episode on GEARS where they found a mid 70's straight six Chevy motor still in it's crate that was found and Stacey went all thru it to replace gaskets, seals and such....
Anyway, good luck and maybe the guy that's looking to buy it has a nice home for it too!
Good luck either way!
Mitch