I have seen and had cracked heads on the Y blocks. The cracks were always adjacent to a head bolt, or multiple head bolts. The solution and way to avoid this problem is to use the very thick Chevy big block head bolt washers under the Ford bolts.
I had one set of Y block heads on my Bird 312... The heads had been completely rebuild as had the engine. Shortly after getting the car running I started to note condensation in the oil breather cap, this was in spite of the '64 truck PCV sustem I had on the engine.
We pressure and dye checked everything on the engine... no leaks. Many people posed the thought that the PCV was the culprit.. Nada.... After several weeks of running the car I decided to check the valve lash, which requires the engine to be running.
After the engine was properly warmed up and the valve covers removed, low and behold very small coolant drops were observed coming from minute cracks around the head bolts.. Of course everyone involved with the rebuilding of the heads denied any responsibility. A good friend of mine suggested the CBB head bolt washers.... Problem solved. If you think about it, torquing head bolts directly to the head could be very harmful to the metal surrounding the bolt heads.