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Probably the safest way is to lift the engine with a hoist. There's always the possibility of bending the crank snout when using it for a jacking point to fit the engine...on an FE, that's a lot of weight! I've never bent one myself, but I recall a similar conversation with a member who said he had.
I've done it several different ways myself over the years however...using a floor jack under the pan with a block of 2X6 to spread the load, jacking right on the harmonic balancer, even standing a block of wood on end on the jack so I could lift right on the pan rail to lift one side of the engine. I've been lucky and haven't done any damage, but there's always a first time...
you could rent a engine hoist true value rents them around me. most rental places have them. Thats how i did mine I had two fram oil filters blow the seal out of the front and pump out all the oil on a 400 it was junk. no.2 i smelled oil and shut it down this one was a fresh rebuild only pumped out 3 quarts of oil. no problems with motorcraft or napas.
I jack 'em up on the front pan rail, jacking by the crank gives me chills up the spine. Added blocks of wood between the motor mounts and perches.
All the above is useless with my 414 as I have a FT pan with a custom rear pickup.
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