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Temption,
Why do you think that the TL494 cannot "power" the IRF540? You are NOT giving a setoff voltage, you are providing the VDS of the device (which is fairly typical in this kind of circuit). The TL494 is providing the VGS of the device to turn on the FET. As long as your circuit is properly designed, the TL494 should not have any issues with controlling the IRF device.
Once again, you might want to do a Google search on Sepic design for more information on the circuit you have shown.