Solids in a hydraulic equipped block are not a problem. A '65 T-bird 390 would have been rated at 300 gross hp, about 240 net (our current standard) and with the stock heads, 9.6:1 CR, if this chart is correct and I'm seeing it correctly:
http://www.woodyg.com/fairlane/finfo/fespechart2.html
That link also has head info, casting numbers etc. I don't see the C3AE, but that doesn't mean anything.
It looks like the 427 heads would have a larger combustion chamber--makes sense with the bigger valves. Since this motor has been gone through, who knows what piston is in it--it could be 11:1 or 9:1.
The big ports and solid lifter cam say high rpm power, but it is a big V8 so it's not like it's going to be a wimp at low revs, maybe just a little rough till it cleans up...
A stock 300 HP T-bird 390, with headers and a larger carb, would hit 300 hp easy. You have a solid basis for well into the 300s methinks.
Next issue here is if the block will clean up with a hone job, or if it needs a bore, will it take the next oversize. Many suggest sonic checks as core shift happens and is not your friend. Thin walls are not your friend either.
Good luck. You will receive more posts with additional info, so stand by. There are a couple of guys here who have forgotten more than I'll ever know about these.