I am considering purchasing a 292 to rebuild. Complete from top to bottom including Manifolds and 4 BBL Teapot. Was a rebuilt at some point with a Tag on it. Been stored inside for Years. Turns over freely. Is there anything I can look for before purchasing? $500 CDN. I can sell some parts I don't need like Manifolds, Carb, and Distributor etc and get some Money back.Thanks

  

Did you confirm it's a 292 by checking the block numbers? If it's an ECZ block, it could be either a 292 or 312. My block is a 56 ECZ-A. Although my dad believed it was a 292, I needed confirmation. Because I intended to rebuild the engine, I pulled one of the heads. After cleaning off the pistons, I found that they were +.060. I then measured the bores to confirm that it's a +.060 292, not a +.060 312. You can also check the crankshaft flange for the "pill", but that's not a 100% guarantee that it's a 312. A machine shop will have to tell you the rest.

John Mummert's site's (ford-y-block.com) Technical Section has block and crankshaft ID information. 

if its a canadian block it will have CECK by  dist.im guessing you know that.

The engine turning over is always a good sign.  Getting some kind of guarantee that the engine is rebuildable would be advisable.  A 90 day guarantee on cores is typical as some of the problems that can arise can only be found when the engines are disassembled.  Casting numbers and date codes on the block and heads can be helpful in determining the actual age of the engine.

If the seller will not allow a cylinder head to be pulled to examine the cylinders, then pulling the spark plugs and using a bore scope to look inside the engine will at least be a start.  The condition of the spark plugs may also be used as indicators of internal issues.  Removing a valve cover will help to determine how clean the engine is and if there are any apparent issues such as pushrods out of place or an engine that was not oiling on its top end.  If a head can be pulled, then the condition of the cylinders and any previous boring of those cylinders can be determined.  Also, the stroke can be measured by simply putting one of the end pistons at the bottom of the bore and comparing that distance from the deck to the distance that the piston at the other end of the engine is at the top of the bore.

Lorena, Texas (South of Waco)

Hello  If you are buying it to rebuild (?) that is  a expensive core even if a 312. Did rebuild tag indicate  overbore or how much crank is under sized, able to spin with starter for comp. check?  Ted gives good advice as to some type of assurance that it is rebuildable. Been there, lots of things can go wrong. If lucky, pistons will look new, rods rebuilt, 2 or 3 thousands  cyl  taper. 

$500 Canadian = $364 US. If it's local, I say go for it. If you buy it, let us know what you find when you tear into it. 

Good luck!

Much harder to find a Y-block up here north of the 49th. As I mentioned some of the Parts I don't need can be sold to re-coup some of my costs. Intake and Carb, Distributor, Exhaust Manifolds. I think the Price is fine as long as I can use it as a Core to rebuild. My existing Engine was a used Engine installed in 86.Put in as is not rebuilt. If I can build One stock over next Winter I would rather do that than re-doing mine I think.

  

Rebuilding your present engine would sure take a lot of unknowns out of the picture. 

64F100 57FAIRLANE500

While there are some unknowns in rebuilding a core engine or one that has an unknown history, a thorough rebuild will typically find those issues that would be a show stopper.  The big advantage of rebuilding a different engine versus rebuilding the engine that’s already in the vehicle is the amount of time that the vehicle is going to be down.  An engine swap can take place in as little as a day but rebuilding an engine that’s already in a vehicle could potentially stretch into months.

Lorena, Texas (South of Waco)