I had a 239 too. I'm going to put a rebuilt 292 in my 55 F-600 and I'm bolting it to a 90's E4OD (
with an adapter) The engine is done...... Balanced and ported, with a 4160 Holly is should run fine.
There's nothing like the sound of a Y-block!
Cheers,
Rick
By the way, If you put a 5.4 in it get yourself a 4R100 to put behind it....then you can use the same ECU to run the engine and trans!