I also looked at conversion and was told a similar price. I also looked at new Raptor as well as holding out for a Raptor R.
So I actually went the route of the Paxpower V8. I have a 2018 Raptor currently, stock but have now had to replace the cam phasors twice. It has a little over 100K miles and no offroad other than dirt roads here in MI. I looked at buying a 2022 Raptor but everyone wanted 30K over MSRP, so total cost of around $110. Hoping for Raptor R but not willing to spend $160K.
Ended up buying 2021 F150 Platinum. Supercharged at Livernois Motorsports with Stage 3 whipple which is supposed to be 775 hp. Borla rear exit exhaust. Truck is currently at Paxpower undergoing conversion. As I tow, did not change the rear leaf springs. Everything is Ford OEM. Went with Fuel Rebel 6 20 inch wheels with 12.5/35/20 KO2 tires. The differential is being changed to 4.10 gears like the Raptor instead of the 3.36 gears. Front and rear Bumper will be the ADD honeybadger. Just for looks. It will have all of the options of the Platinum including Bluecruise. For those of us who don't really offroad, I felt this is a real alternative.
The 0-60 times are deceptive. If they don't change the gears on the transmission, ratios will be hugely different. Also, the real noticeable difference is from 30-80. Easily 4 truck lengths between the supercharged V8 vs my 2018 stock Raptor