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The FE engine has always been a big fuel eater. Much of that is in the head’s, the only efficient head was the 1960 high performance 352. That’s not to say other head’s like the High Riser or Tunnel port didn’t make big power it’s to say they burnt massive amounts of fuel doing it. The 1960 high performance 360 horse, 352 engine used a combustion chamber very much like the more recent Chevy L31 Vortec or Ford Windsor GT and GT-P head.
This brings you to an aftermarket modern chambered aluminum head with modern Ricardo heart shaped chambers of which there are several sources the least expensive but uses the true Ricardo chamber is available from Pro Comp, Edelbrock sits in the middle price wise but uses a simpler version of the chamber. There are several high end head’s like those from Blue Oval that use the correct chamber but they are pretty costly.
The factory iron intake is one of the heaviest objects known to man, replacing it with an aluminum intake intake takes about 45 pounds off that portly engine and improves cylinder to cylinder fuel distribution.
The cam can stand modernization, like all cams of the era it has long ramps which result it too much overlap and too late a closing intake valve. Both conditions are great for top end power which this engines stock valve train will not support, but this is horrible for fuel economy.
The pistons use large round dishes to manage compression ratio as do most production engines. This reduces chamber activity leading up to the ignition event making for a inefficient burn covered by throwing fuel at it. The needed three principle conditions simply are not there, these being squish, quench, and as possible with a wedge chamber a centered spark plug as much as these designs allow possible.
The exhaust manifold of the FE is the poster child of how not to design an exhaust manifold. It really harkens back to bastard design to allow this engine to by fitted into the fairly narrow 1958, 59 chassis this was which was never fixed for the wider subsequent chassis that came out in 1960. Because of this narrow box that passes for a manifold is so inefficient a lot of power that could be used for propulsion is instead consumed pushing exhaust out of the engine. Therefore, headers are an instant and substantial improvement in power and mileage for this engine.
Basically the FE engine fakes being a second generation OHV, V8 design; but in fact it is a rehash of of the first generation OHV Lincoln Y block designed right after WW-II and in a period of great financial stress within Ford Motor. It suffers greatly from that.
As you can quickly see this engine’s needed fixes requires a very big investment, Two thousand dollars would be woefully short of the fixes this engine needs to improve fuel mileage by anything close to arriving at a payback.
Bogie
I was kind of thinking along these lines. At the end of the day I've sunk a lot of money into this motor and it's not very impressive, fun and reliable but not much compared to whats out there today. Granted I'd be spending even more money but something different might just make more sense, especially because I plan on putting as many miles on this car as I can