I went ahead and tore into my 292, well, I took the heads off at least, replaced the timing chain($25 from autozone), ordered a complete gasket set for it ($63), rebuilt the oil pump, and bought a brand new water pump for $35..... and am now trying to get it CLEAN.

I found the engine had been bored over .040 by the tops of the pistons, (frow what I understand, thats nothing for these engines...). It also too the entire rocker arm assembly off, and let them soak in diesel for a couple of days. Look like new. Now I have them soaked in assembly lube. (The guy at autozone looked at me like I was crazy when I asked for assembly lube, said that motor oil was the best thing for it. Sad when a 19 year old knows more than that. He also had never heard of a flat head engine. He was in his 50's.)

Here are some before and after pictures:

 

And of course you know those timing marks are a non conventional alignment. Also be aware that lubrication to the rockers was a problem. The oil passages from the cam through the dog leg at the deck to block joint were all problem areas for the old oil to coke and stop up lubrication flow. And be aware the front cover, in fact, many bolts go into the water jacket. But you probably know this. Have fun.

http://i36.photobucket.com/albums/e3...2/photo5-9.jpg
Check the timing marks. Something does not look like 12 pins between marks if the yellow are the marks.

 

Ah yes the "after" picture is after I had spun the engine over, to have a look at the crankshaft. I had them aligned at 3:00 with 12 pins between. I actually had the passenger side head off to be double sure #1 was all the way up at TDC.

 

Thanks for sharing, Ryan. Keep up the good work. With the rocker arms, I used to take the rockers off the shaft (keep in order) and clean out the inside groove as well as the oil hole to the valves. Also take the plugs out of the end of the shaft to make sure the inside is clean as well as the oil holes to the rockers. used to use STP "motor Honey" for assembly.

 

Thanks George. I cannot wait for it to be in the truck and started.

BTW: Does anyone know how many cubic inches a 292 bored .040 over is?? I am guessing about a 300

 

Go here to Mummert's fine site. A lot to know about Y blocks. I believe there is a chart that will answer your question
FORD Y