Does the Blackwood have the dreaded 5.4 L 3 valve engine? What engine problems

No, this engine has a dual overhead camshaft engine, which means 4 valves per cylinder -- or a 32 valve V8 5.4L engine. I don't know of many engine problems associated with this engine -- provided it has been properly maintained. Good vehicle, honestly, with the understanding that it is now 20 years old and with an unknown quantity of miles.