I could not be happier with the s/c on my 2003 . . . but remember that a new s/c might be very hard to come by these days as they are no longer offered by TRD.
If power is your only concern, the new vvti in stock form (and there is not yet much you can modify) is not even in the same league with my (heavily modified) s/c 4.7.
If mileage is a big concern, the new motor and 5spd will be much better, and the new one will still have "plenty" of power.
Good luck with you decision.
Aloha
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The Truck: 2003 Tundra Stepside Limited
The Mods: TRD Supercharger, Unichip (. . . removed . . .), Supra Twin Turbo fuel pump, 5.85" Overdrive crank pulley (9 psi), SS Autochrome headers, Flowmaster cat-back, K&N drop-in, Denso Iridium IK22 plugs, Cryo-Frozen Powerslot Rotors, Axxis/PBR Ultimate pads, Stull Billet Grill, Black Headlights, Black/Clear Corners, TRD Boost gague, PLX Wideband O2 sensor / data logging, AFR Dash-mount Gauge, Front 1.5" spacer lift, 1" rear block lift, Hellwig Rear Anti-Sway bar, SOS Rear Disc Conversion, Wet Okole seat covers, Alpine & JL A/V system, Custom dash stereo & guage panel, Secondskin sound dampening, 20" DeModa Authority (black) wheels & 295/45 Toyo Proxes S/Ts
The NEAR Future: A "real" lift kit, "Offroad" tires, Unichip reprogram . . .
The Future: IPT Valve Body mod, HPC Header Coating, Flex-a-Lite electric fans . . .
The Past (Taken Off): SOS 1.5"/3" drop kit, Tokico shocks
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