The Cervini underside is finished in black, but it should probably be painted. I had to butcher mine since it still rubbed. I had a 1" spacer on a 351W.
Are you using that 1" spacer out of necessity or are you trying to boost your low end torque? If it's simply to keep your intake temp down, you may want to consider a shorter spacer with EGR blocked. If it's out of necessity, TFS valve covers clear roller rockers and are stock height.
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351W 89 Mustang GT Convertible