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Depends on the quality of the job and how much you do yourself. If you can do a lot of the work yourself, and just farm out the machine shop stuff like boring the block, installing new cam bearings, etc., then you can get it done for about $500. If you pay someone else to do it all, figure about a thousand for the most basic rebuild. Add another $500 if you expect them to remove and replace the engine for you.
Thanks guys, I'm pretty decent at engine work what I dont know my brother does. As a matter of fact he is an encyclopedia when it comes to ford trucks. I am going to do all the work so I'll call some machine shops to see what they will charge for their part, just never rebuilt a 360 and wanted a ballpark figure from someone who may have done one of these engines, thanks.
FYI, my estimate of $500 for a rebuild if you do it yourself includes part prices (new bearings, gaskets, oil pump, etc.) for good quality parts. The machine shop work will be a small part of the total expense unless the engine needs major work. I was assuming the machine shop would hot tank the block, install new cam bearings and freeze plugs, and do a valve job. The price starts to climb if you need to overbore the cylinders, do extensive head work, grind the crankshaft, etc. I'm assuming that you can paint the block, ream and hone the cylinders, install new rings and crank/rod bearings, etc.