I had the same sewing machine rattle in my 00 5.4 at 110k.

Dealer wanted to drop a new motor in for 8k, didn't even want to mess with the fix option.
I had it re-built on the side for 4k ..much better to swallow

During the teardown we found the chains had woren into the block and oil pump, pump was just about wore through .

Be sure to check that pump..or you might be spending more.

I had a pic of it , ill see if I can find it , been awhile .

snow

 

Even with deep pockets, I wouldn't of went with that option. Sounds like it worked out for you. Lucky! Specially after dumping 4 grand into a rebuild. Those don't pan out to often.