The "cheap" fix is about $1700. The cheap "kit" locks the cam phasers so the valve timing is no longer adjustable and gives you a programmer that allows the engine to run - with a loss of power and fuel economy. The chains and tensioners still need to be replaced and the "cheap" fix has to be done before the engine jumps time. If the engine jumps time you are looking at a rebuild of the entire top half (heads, cams, timing chains, etc... and possible a new oil pump. I would never buy a junk yard engine 5.4 3 valve unless they showed it running in the vehicle before purchase - even then it would only be to drop it in and dump the vehicle.
The "locked" cam phaser is not reliant on the oil pressure but you still need a fair amount of oil pressure for the tensioners to keep the slack out of those long timing chains.
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Today's Featured Article - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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