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Major torque monsters. I have driven the Ford and the IH. The IH is very powerful over the Ford. We had one (IH) in a tractor pulling a 45' float. It would run away from the Ford. I remember the ground would vibrate from these big old engines when you took off. They sure don't build them like that anymore.
Some of the Ford 534's are a lot better than others. They changed the intake manifold at one point, and there was a big improvement. The 549 was indeed a beast, as was the Jimmy 478 (a V-6, BTW). All were great at burning gas at 4 miles per gallon!
The IH and Ford were designed by the same company in the 50's. Oh yeah, GM joined two 351ci V-6s together for 702ci. It was the largest optional GM gas burner.