Looks that way, the 5.3 is a much better deal than the 6.0 or LS1, and it fits my needs well since I can't go too far overboard on TQ (stuck w/ Toyo tranny for now). The all aluminum LM4 5.3 is not too expensive either- I found a long block at a FL junkyard for $1200.

Supra motor specs:
(NA) 7MGE HP: 200@6000 TQ:185@4800 CR: 9.2:1
(Turbo) 7MGTE HP: 230@5600 TQ: 240@4000 CR: 8.4:1

Gen III motor specs:
LM7 5.3 HP: 285 @ 5200 TQ: 325 @ 4000 CR: 9.5:1
LM7 HC* HP: 350@5400 TQ: 360@4500 CR: 9.5:1
LQ4 6.0 HP: 300@ 4400 TQ: 360@ 4000 CR: 9.4:1
LQ4 HC* HP: 525@? TQ: 495@? CR: 10.5:1
*Heads & cam mods (estimated)

EDIT
My '03 32K 5.3 motor today at a local JY was $400!!! With tax, starter, alt, and PS, it was like $560. I'm shopping here for an AC comp & manual tranny bellhousing, since they wanted $120 for the comp & didn't have the BH.