I've just gone threw my whole oil system. It was a lot of work but, all the galleys, from the pump, to the end of the main, top galley are a minimum 7/16" now. The FE was designed to be a 3/8 feed. Opening the pump to the diagonal 7/16 hole, that runs across the front bulkhead, doesn't do much, to change that. You will have extra volume to only the front cam bearing and the dist feed hole. It helps nothing else. Where it will help the most, is getting it to the main galley, at the top of the block.
That galley, feeds 4 cam and main bearings, as well as the rocker arms and all the lifter bores, for Hydraulic lifter blocks. You can open the the main galley to 7/16" with a 12" long, split point aircraft type drill but, it has to be done carefully, from both ends, in order to meet in the middle.
But, It is still a 3/8 feed system, until you open the the other 3/8" diagonal galley, at the front of the main galley, that meets the front bulkhead galley. That one, is even harder to do, to insure it intersects with front feed. I'll post a link on how I did both. I wasn't confident, at all, in doing it, without the drill guilds I made.
Ok, now that you've done all that, you can be sure you'll have more oil volume, to all the leakage at the different bearings, rockers and lifters. it's important to meter the oil to the rockers, for less bleed @ those two bearings. But, there is one more issue, the 4, annular grooves that the oil to the mains, has to go threw. I measured the rear and #3. They are .235 wide and .115 & .126 deep, on my engine. So, the flow area is less than a hole of .25 diameter. A .25 hole, has a area of .049 sq in, the area of my rear main (.235 x .115, per side) is about .043. Not much oil transfer volume. I have no way to easily, deal with this, for all 4 bearing, or I would have. It can be done with a rotory table and a long arbor or interpolated them, on a CNC.
Because the mains webs, aren't very wide, if modified them, I would use a 2" x 9/32 circular cutter, ground .14R and cut the grooves .150 deep. Then drill threw to the main galley with a letter L (.290) drill. That would increase the volume area, to .066, or 150%.
As some know, I've learned a lot about Ted Wells, high hp, high revving, 361 Ford engine. He did two basic oil mods. First he drilled the main feed holes, all the way threw to the main galley @ 5/16". As you know, #2 & #4 mains, come close to the edge of the cam bore when drilled 1/4" (he cautioned about that) and that's the reason I wouldn't go more than .290 but, he did nothing to enlarge the annular groove so, I don't think he accomplished anything by doing it.
Second, he blocked the rocker arm feed, completely and ran, restricted 1/4" od lines to the rockers, off the main galley. A inconvenient modification but, a good one to keep full flow to #2 & #4 mains. I would do this, if I made my own rocker stands (thinking about it).
http://fepower.net/simplemachinesforum/index.php?topic=9500.50PS
I asked in my build project, if any others had the measurements of the annular grooves (both width and depth) to see if Ford ever made them any larger. I'd still like to hear back.