Ask yourself how much off-the-line power are you willing to sacrifice by going with a high-rev, low-torque engine like a SBF versus the torque-monster 390 that is original to the car? The T-bird is NOT a Mustang - it weights nearly 4300-4500 lbs and needed a big, torquey engine to get it moving. You'd also have to go with a stouter gear ratio than the stock 3.00:1, which will also cut into mileage and cruiseability. My personal opinion is to stick with a 390 and recondition it - parts are plentiful, and most T-bird buyers will be looking for the FE in the engine bay.