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My truck was originally a 300 six truck and the previous owner swapped in a 390. I have a problem with the ring gear hitting the snout on the starter. The motor plate has been hacked up and no longer centers the starter, but the starter engages and cranks perfectly. The old starter hit the ring gear as well and also worked fine, I verified I have the right starter for my year and engine. It looks like the starter bolt pattern on the bellhousing is rotated about an inch from where it should be causing it to hit. Did ford use different bellhousings that will both bolt to an FE and to a 435 trans? I'm thinking the prev. owner could have swapped in the wrong bellhousing. Possibly from an older truck? I just had the ring gear replaced and I'm sure it's the right one for the year as well.
I believe their are only a couple bellhousings, it might be an early b'housing that used a pull type starter instead of the later thro out style. Also the motor plate is neccessary for proper depth, otherwise the starter will hit the ring gear. Not sure from your post if the plate is still in place?