The maintanence costs with a rebuilt 428 can really bite you later on (cobra pun) You can get a Ford factory 460 motor in the lower horsepower ranges for not too much. Check out the engine options here. Look under parts search, then scroll the page down and select: ....engine assemblies:
http://www.fordracing.com/performanceparts/
I like the idea of as original as possible a motor in an authentic looking replica, but the greater potential costs and trouble for the FE motors (especially the 427 and 428) steers me away.
If the motor you have in mind is inexpensive and running excellently, it might be a good value. Be sure if this is your plan, to have compression tests, including bleed down tests, done prior to purchase.
My West Coast is getting the monster 514 CI 600 horse motor. It is actually a bit overpowered
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