A short block is the lower end of the engine completely assembled, a long block is a short block plus cylinder heads, and all the valvetrain stuff. Ford Racing Parts short blocks are the crank/rods/pistons/rings and bearings in a machined block, camshaft and timing chain (not sure about oil pump) with freeze plugs installed. The long block is plus cylinder heads, pushrods, valves/springs/keepers/seals retainers, etc. and in ford's case it usually also has an oil pan, front cover, water pump, intake manifold (depending on engine) and is designed as an easy bolt in. The advantages to these is that with a short block you can add your own heads and alot of other stuff, the advantage to most long blocks is that most are a bolt in type deal. The advantage also is that if you get a short block it's cheaper but you have to get more parts yourself so the short block is cheaper, whereas a long block is a little more expensive because there's more parts. I think in terms of warranties, there's more likely of a chance to get a good warranty on a long block whereas a short block might be unlikely to have one. I've heard that most rebuilt long blocks have little pop out plugs in the freeze plugs that indicate when an engine overheats, but i've also heard of them indicating an overheat at like 100* F temp, so it all depends. Usually the best engines are engines made by the actual auto manufacturers but they cost more. Another good place to buy an engine is a well known race engine builder. If i were you i wouldn't get a "discount" engine rebuild because you really do get what you pay for.
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'84 Mustang 5.0 T5, FMS aluminum radiator & 180* thermostat, 1 5/8 shortys/2.5" duals, '88 GT tail lights and wheels, Holley 4160 4 BBL, smog pump idler, more coming soon
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