First number is the last number of the year model it was designed for. Second number is the last number of the cubic inch displacement. The letter following the numbers is a basic model identifier ( A is for passenger cars or any other similar type, C is for Commercial vehicle, T is for truck, Etc). Digital identifiers following the prefix started with the wheels and moved up the ladder all the way to accessories and were very similar numbers between models. You will need a copy of the "Green Bible" 1928 thru 1948 Ford chassis parts catalog to see the different classifications and such.
The first of the 8BA/7RT prefixes starting in 1947/48 is a bit different 8BA for Ford car & pickup, 7RT for trucks, 8CM for Mercury cars and so on. After 1953 they started using a different prefix system but the part number digital identifiers following the prefix stayed the same or similar for a long time afterwards.