Ted has given a good overview of the challenge of identifying a 312 engine. Realize that 312s were an optional V-8 offering in Ford passenger cars in '56 and '57, used in the majority of '56 and '57 T-Birds (auto trans and 3 speed overdrive originally equipped 'Birds), the standard equipment engine in '56 and '57 Mercs. and the base V-8 option in '58-'60 Mercs. No FoMoCo trucks were ever produced with 312 engines.
There's nothing wrong with a 292 engine. For some applications, 292 have structural advantages over 312 engine blocks. I.M.O.the advantage of y-blocks over other engine series is their propensity for producing significant torque curves for their original displacement sizes.
To add to what he's said about engine block casting numbers here is some info. from John Mummert's web site,
http://www.ford-y-block.com in the Technical section...
NOTE: 6015 is Ford's number for an engine block. All blocks have this number.
The Y-block FoMoCo engine block identification number is generally on the side of block above the oil filter for blocks cast at Cleveland. Dearborn cast block I.D. number is near the ignition distributor and above the generator. Most Dearborn blocks were used in trucks. No Dearborn blocks were produced after 1957.
292 and 312 Blocks were machined from the same castings with the same markings. If the engine block has EBU main bearing caps it is a 292, if it has ECZ main caps it is a 312.
NoShortcuts
a.k.a. Charlie Brown
near Syracuse, New York