Do yourself a favor - load the short block and heads ( have the heads checked too) up and go see Rick at Chucks Engine 38164 Executive Dr. Westland MI 734-727-1760.
They have built hundreds of these over the years. Rick will set you straight.
Have you looked at the cam bearings ? Seems I remember some of these would spin - though I could be thinking of the 2.9 engine.
The big money for these engines is the lifters - they are a roller design but have a pressed in guide pin vs. the other Ford/GM/Chryco that use the external guide ( there isn't enough room for the external guide on this 60 degree V design engine ).
Hope this helps.