As a known problem with that particular engine the cam phasers in the 5.4L engine of my '07 Ford F-150 started acting up.
So my options are to replace them and hope they don't go bad again before I get rid of the truck of spend a bit more and
have them locked out. The lock out is what I am leaning to but I have heard that it can cause significant hp loss. But I should
never have to have them fixed again. I only need to get 2-3 more years out of the truck. When I get two kids out of college
I'll buy a new one.

Anyone have experience with this? Is it worth the cost for the lock out or just get them replaced and hope for the best?

From a discussion in GD fix them right with Ford parts and a new oil pump

I used to run a ford service department and was a tech before that.  The lockout kit is, IMO the way to go. If you decide to replace the phasers get Ford phasers, and replace the complete timing set, VCT solenoids, oil pump, and clean the screens in the VCR solenoid block.....they are under the Allen plug.

I would replace them. Killing the VVT would almost certainly kill the power - remember, it makes the stock HO/TQ numbers utilizing the VVT.

Absolutely not.

With the lockout you lose VCT, and must re-tune.

Additionally - you don't solve the original problem - which is low oil pressure.

1.  The root cause of all of this is the timing chain tensioners, which blow the seals and allow oil to bypass.  This also does not keep the pressure on the chain, and will eventually gain enough slack to beat up the guides, and possibly even wear the front cover. The tensioner seals were updated by Ford and don't blow out like they used to.  If you don't replace these and just do a lockout, you will eventually do the whole job anyway.... or possibly have to replace the engine.

2.  The low oil pressure will still exist if you don't replace tensioners, causing oil starvation to the upper parts of the engine.

3.  Replace the entire timing kit with ONLY Ford OEM parts, which is chains, sprocket, tensioners, guides, cam phasers, seals.  Ford has update the Cam Phasers and Tensioners.  Do not use aftermarket parts.

4.  Replace the oil pump with a new Melling 340HV (high volume) pump which was recently released.

5.  Proactively replace the VCT control solenoids.

6.  Switch to Pennzoil synthetic 5w-30 oil.

https://www.youtube.com/user/FordTechMakuloco/search?query=timing

One thing to check first - is the oil pressure at the pump, and crank play.  The 2007's had a known thrust wash issue, and if it is toast, you need an engine rebuild, and would not be worth the investment:

https://www.youtube.com/watch?v=dxJ23dv3pt0

I've used the lockout kit many time and the power loss wasn't really noticeable.

Ive also performed the entire job using all ford parts to just have them come back and bite me in the ass in a month or two.

pull a valve cover and remove a cam cap before you buy anything

If the cam and cam cap are scored up, it's engine time. There's no fixing it.

Replace them and use the right oil going forward. It's only a known problem if you don't follow the manufacturer's recommendations.

Actually, the "manufacturer recommended" oil is part of the problem.  Ford spec is 5W-20.  But ONLY in the US.  Done to meet CAFE standards.  In every other country outside the US, 5W30 is recommended.

I ran a ford dealership that used motorcraft oil and filters. We saw many, many phaser issues with our customers vehicles.