That does look good! I'm sure the red covers will bring it all together when it's in the car, too. I wanted as few colors as possible when I did the 308 earlier this year. I painted everything Ford blue, and used the Mustang valve covers I had lying around.
Is that an '83 t-bird water pump? Just curious.
The only suggestion I would make would be to cover the opening in the intake, and the exhaust ports. Trust me, I lost an engine once to a carb nut that fell into the intake when I wasn't looking.
Looks good!
Take care,
~Chris