How much hp will a 4.6 handle..? I'm used to the old fox body.
Maybe some mods and supercharger with a tune..?
A stock motor is usually good for the higher end of 4xx rhwp. Do a budget build by swapping rods and pistons and you will be good for 700 or so.
The block itself can handle more power than anyone is going to make with it.
A real safe option that puts out good power is the Ford Racing Whipple HO kit. It comes with a fantastic tune from Ford and will make about 475rhwp on a stock motor. You can go with a bigger pulley to make less power and you can go with a custom tune to make more power in the future.
The only downside is cost. It's about $6500 or so but that's a complete kit with fuel pumps, injectors, tune, everything. Send a pm to Steve at Tasca (vendor on here) for actual pricing.
A more budget friendly way to make mid 400 rhwp with a pd blower is with a DOB Department of Boost kit. It will require some parts sourcing but you can easily have a 450rwhp setup with a tune from Manuel Pazo (lito on this forum) for under $3500.
A centri is another option. It doesn't have the instant power of a pd but when properly tuned you will have a pretty safe setup.
I hate to put out "safe" numbers because any motor can go at any time. Most 4.6 3v motors safely handle 450rhwp without issue. A friend of mine turned his Procharger up to 560rhwp, raced it all the time, and had no issues with the stock motor. I wouldn't do that but he did and it held up.
I'm sure you have heard it before but I'll repeat it, the tune is probably the most important thing for motor longevity. On a 3v motor the rods are usually the first part to go.