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I can get 94 Octane from the pumps here, but I can run on 93 with this motor. I was running it with 62.8cc 351C-4V heads.
This is a 4000 lb Street Rod, and there are no hills to climb in Delaware. With a late IVC and Aluminum heads, I expect no problems wirth detonation. I wouldn't recommend this build to Uncle Ethan with an F250, but the original request here was for a Mustang.
I want to warn Dallam1 about the deck height of the 400 will not fit between the shock towers in a lot of Mustangs.
Research costs before building the 400 engine. These engines were only offered in full size cars and trucks, never in a unibody vehicle with shock towers. A 400 won't fit in a '64.5-66 Mustang without some shock tower surgery.
You'll have to figure out what motor mounts to use, the bolt pattern on the M block is different than all other Ford engines. Exhaust manifolds may not fit either. Custom made headers could be your only option.
You can put any engine in any vehicle if you throw enough money at it but what's the point? Save yourself a lot of grief by building a 351C, 351W or 351W/Clevor. These engines can easily be stroked to 393C, 427W or larger if torque is a priority.