Jay, it looks to me that the washer under the center cam sprocket retaining bolt resembles a slice of pepperoni I had on my pizza last week!  If its just being used for fit up of the sensor magnet, OK, but if its going to last for test runs and a week on the road I can see that sprocket getting loose with that washer all deformed. I'm thinking a hardened steel parallel ground application and some red loc tite.
Courtney.

I suggest taking no less than half a dozen fuel filters and new wiper blades. Also swing through Hersey PA for a chocolate bar. Skip DC and take the eastern shore.
Courtney.

ADD: Change the brake fluid, don't want to boil the moisture out of it on the down hill side somewhere in Tennessee  .
Check the cam sprocket for the nylon teeth falling off by turning the crank shaft pulley back and forth and watching the distributor/rotor movement. repeat at about 180 degrees dist rotation. Maybe someone can add in here if this year/model FE/FT had a nylon coated cam sprocket.

Like Barry suggested a hose to a shop vac. I suggest trying to snake a small hose, like 1/4", 5/16 or 3/8 fuel line in through the head, down into the block once you take the intake off, of course at the rear of the head as the head gasket is open there for coolant flow. Some help might be to bend a coat hanger (or stiff rod) to fit into the bottom of the water jacket, then thread the hose over it and then insert into the coolant passage, once in, hold the hose and remove the coat hanger or cut both to length. Removing the bottom water pump bolt on the passenger side will almost drain that side of the block to lower than the holes in the deck (jack that side of the car up?? ) Otherwise its try to get to the block drains (long extension, with a universal snaked through the headers, steering etc) and hope they will come out Courtney.

Add: As Doug suggested, take off the water pump and vacuum out the coolant from the front of the block. Its just another 4 bolts, alternator, fan and 2 more hoses, minimum, more fun with AC and PS bolted to the front.

From the last picture shown, it looks like the top/center oil galley is not drilled from the front nor the diagonal galley that connects the top/center galley to the front number one main & cam journal oil galley. I can see the three galleys in the rear are tapped for screw in plugs, 2 for the lifter feeds and one for the center galley to the rear cam journal. The side oiler block I have is factory drilled for hydraulic lifters, the rear most oil galley is not drilled from the center galley to the rear cam journal (like a center oiler). Maybe a different picture angle would solve my curiosity? Definitely a serious block to start from, looks like a CH3NO2 fuel engine!  Thanks for your response.
Courtney.

The female threads don't burn when torching the broken stud due to the rust between the 2 mating parts. Rust is technically "oxidized" metal, so its like trying to burn ashes, they are already burnt. Next time you fire up the torch, get a heavily rusted piece of scrap metal, grind a spot on it to white metal, and try to burn a rusty spot, then try the clean spot and see how fast it burns. Also there is a big difference in burning a steel bolt vs. cast iron head.
Courtney.

I will be looking at a 427 side oiler that has been windowed and weld repaired. The block was broke in the 3 and 7 crank pins areas. The person selling it said that he got it in a package deal, does not know much about it, has other 427s that he is building and is selling this one. He took it to a machine shop, who told him the weld repair was ok but the block needed 2 sleeves and full machining work (Line bore/hone, boring, decking), he thinks its 0.030 overbored and it needs the 2 sleeves due to the previous rod damage.  My questions are concerning the damage and weld repair. If the block is broke through, around or across the cross bolt holes or through the side oil galley, are these type of breaks/cracks considered the death knell of this block? If the block was broke only between the main bulk heads/webs where it only affects the side skirts of the block and oil pan rail, is it still a good block? Or is downgraded to lower horse power rating/low rpm/show car circuit? What would be the maximum over bore? If it is 0.060 over, then its sonic mapping and/or sleeving.  Is it worth putting in 6 more sleeves?  What is the proper weld repair? Weld just the outside of the cracks or both sides? Should the oil pan rails be lined up and level or is a little off acceptable? Would the cam bores need to be checked and or remachined (bigger) if out of alignment from the damage and heat distortion from the weld repair? I know it’s a lot of questions but I like to cover all the bases and need to ask those who have seen and done this in the past.  I like to get a good number in mind to offer, when to go for it or when to cut and run. Answers to all these questions are what I like to discuss with the seller so he knows where I am starting from when I make an offer. His starting price is close to the age and condition of the block. My bottom offer is the value of the main caps and $0.11/lb for the rest of it. The block has all 5 main caps, bolts and spacers, external ribs, steel screw in core plugs (with a 1” hex), is machined as a side oiler with the oil pressure relief at the back of the block.  As of now I don’t know if it is drilled for hydraulic lifters, and any other cracks (freezing etc), size of the distributor drive hole (FE/FT), date code, Ford numbers, how many sleeves or bore size. Monday I will have more pictures and details.  I know anything can be fixed if you throw enough money at it, but for my needs when the cost gets greater than 50% of a new one, I can let someone else take this challenge.  Thanks, Courtney.