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It's not a lemon, as they worked reliably and had no serious flaws that caused premature failure or constant issues.
What it is, though, is a 390 with a 352 crank. And the design results in a below deck piston height at TDC. That along with low compression, results in a fairly low power, high gas consumption engine. 360s were universally derided as gutless gas hogs when introduced. (performing just about the same as the 352 they replaced with respect to power and economy, but people expect more from a "new" engine...) Overall, fuel consumption is just about the same as the more powerful 390.
You can convert a 360 to a 390 or larger, correct the compression, cam, intake & headers and have 300+ hp without great effort. 400 hp can be had, just add money.
So don't put a chain on it and throw it overboard just yet. If it's a servicable block, it can be made respectable.
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