Not likely that it's a real hipo, I've heard this story lots of times. But until someone who really knows how to spot these engines comes along, here are a couple of things to check.
Hipo harmonic balancers are thicker than the standard 289/302 balancers. They look a lot like the new 5.0 balancers, and the regular 289/302 ones are only that thick about half way around.
If it were mine, I would pull off the valve covers and check the rocker studs. Regular 289/302's used press-in style studs, and I'm pretty sure hipo's used screw-in style.
While the covers are off, check for slack in the pushrods. 289/302's use hydraulic lifters, and all 16 pushrods should be snug. The hipo's used solid lifters ( mechanical ) and you would be able to notice the slack in the valve train, as they require a running clearance.
If it is a true hipo, I'd sell it for all those $$$ to a collector and build a regular production engine and have money left over. The hipo was a good block, but the bottom end was it's only advantage--and even it didn't have 4-bolt mains--so any advantages it had were small.
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