Particularly because of the value of the block, it makes no sense to haul out the boring bar without a thorough sonic testing session. All original FE blocks were made after FoMoCo went to a 'thin-wall' approach to the casting process. Boring by 3/16ths or more, common with the flatheads, simply doesn't work with later iron.
As a general rule, 30 thousandths is OK with an 'as-produced' FE block, but the only way to tell for sure is to do a sonic test. And be sure the guy doing the test knows what he's doing.
KS