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As I am not familiar with the FT, is there any physical characteristics that stand out between the 361 and 391? Or do they look same as 360/390/352, do to eachother?
Also, I am getting close to rebuilding a 390 for 'ol blue, Would any valuable parts to on this 361/391 to use on my build?
There's plenty of good parts to use on that thing. The oil pan is bigger than the standard FE pan, by quite a bit. As was mentioned, is the forged steel crank, which can be converted to internal balance by a machine shop. The block is stronger than a standard FE block, but also a little heavier. You'll also have to get the crank snout machined down since it's bigger than the standard FE crank. Either that, or use the FT timing cover and pulley's.
So I say, use the block, oil pan, and possibly the crank. Using the crank will add cost to the rebuild, but it is a VERY strong crankshaft. If you're thinking of using insane amounts of nitrous or boost, the FT block and crank will take it. Otherwise, the standard FE crank will work just fine.
If the guy says it's a 390 then it most likely is an FT 391. If in doubt, measure the stroke before you buy.