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The block and heads were painted one color, the valve covers another. The aircleaner was painted the same color as the valve covers. The reason the valve covers were painted a different color was...Ford used different valve cover colors to define what engine size the vehicle had. This system was started in 1952, and ended in 1968, when Ford Blue was used on everything.
I believe the 1960 292's were red with light grey valve covers and air cleaner..but this is from memory, so I may be wrong. Beginning in 1961, engines blocks/heads were painted black.