Ron,
I doubt it's as much a vapor locking problem as a fuel/air mixture in high heat and high altitude? Vapor locking was taken care of by Ford and Chevy in the late '80s/early '90s. Your '97 Ford 460 has a port injected fuel system that was one of the most efficient system in the time period. What seems to be happening is the thinner air, combined with the hot vapor gases into the chamber is not the right mixture and therefore, not the right "fire" for the cylinder. This mixture is supposed to be regulated by the O2 sensor and adjusted by the computer module. Could just be a bad sensor, or a problem with the computer. One more area...the computer. Look in your Ford owner's manual about resetting the computer. If memory serves me, if your battery was disconnected, or some other thing happened, you were required to take it to a dealer that would "reset" the settings which was simply driving it at 25-30 mph for about 6-7 minutes? I don't remember all the details, so find a "seasoned" mechanic who would remember this. Good luck